Brazil plans will look to raise up to $2 billion with its first-ever sale of sovereign sustainability-linked bonds (SLBs), which will come onto the market in the coming months, said Treasury secretary Rogerio Ceron.

“We will probably be able to implement the bond issuance this year. If we need a little more time and do it at the beginning of 2024, it will not be a problem,” Ceron said at a news conference late on Thursday.

The proceeds will finance projects under the country’s Fundo Verde program, which seeks to reduce greenhouse gas emissions and promote sustainable practices, Brazilian officials said. 

The government will hold roadshows in New York and London next month, Dario Durigan, executive secretary at Brazil’s finance ministry, told LatinFinance. He said there was also a request to hold a roadshow in Asia.

“We are ready to launch our sovereign sustainable bonds,” Durigan said. “It is a fundamental item… that will allow us to implement our environmental transformation plan,” he added.

Brazil’s sovereign SLB debut was approved Thursday by the National Monetary Council, which includes the Finance ministry, the Central bank and the Planning ministry.

“It is the most anticipated bond issue of the year,” Ceron said, adding: “It is a unique opportunity that Brazil cannot miss.”