Executive narrativeBrazil’s environmental, social and governance (ESG) regime is best understood as a federal-state-municipal enforcement stack, with high real-economy impact and unusually strong public enforcement and collective litigation channels. In practice, ESG risk most often crystallises through: •environmental licensing, embargoes, fines and remediation obligations via federal and state environmental authorities within the National Environmental System (SISNAMA)•public civil actions (ação civil pública) and prosecutor-led settlements that can move faster than regulatory processes•capital markets disclosure discipline led by the Brazilian Securities Commission (CVM), now explicitly anchored to International Sustainability Standards Board (ISSB)/International Financial Reporting Standards (IFRS) sustainability standards•consumer/advertising scrutiny of sustainability claims through the Consumer Defence Code, regulators, Consumer Protection and Defence Offices (PROCONs), and •advertising self-regulation and the supervising authority of the National Council for Advertising Self-Regulation (CONAR)Corporate reportingThe most important ‘recent structural’ development for corporate reporting is CVM Resolution No. 193 (20 October 2023), which regulates the preparation and disclosure of sustainability-related financial information