The governments of Brazil and China should develop common standards for sustainable agriculture finance. The President of the Institute of Finance and Sustainability, Chinese economist Ma Jun pointed out that there is already a “consensus” between China and the European Union to adopt a common taxonomy of sustainable finance for 70 items, including that of agriculture.
According to Ma Jun, Brazil and China can move forward on a common taxonomy, with standards that allow financing for sustainable agriculture to be more fluid. The Assistant Secretary of Agricultural Policy at the Brazilian Ministry of Agriculture, José Ângelo Mazzilo Júnior said he sees the development of a bilateral taxonomy with “enthusiasm”, which could be applied to other areas of Brazil-China trade besides agriculture.
A taxonomy uniting China, the European Union and Brazil would be the best scenario because in that way it won’t be necessary to work with different standards, which would make it much easier to grant loans, and more investors and international banks would participate in the initiative, indicated the vice president of the Bank of China in Brazil.