Brazil ranks 18th among 60 nations evaluated for their sustainability profile, according to the Global Green Economy Index report, published Monday (Oct. 20) by international consultancy Dual Citizen. The country was ranked behind Costa Rica, Peru and Colombia, but did better than the UK, the Netherlands, and the United States.

This is the four time the study has been conducted. It relies on 32 indicators to measure the performance of countries in four major dimensions – leadership and climate change; efficient sectors; markets and investment; and environmental and natural capital. In addition, the report provides a ranking of how these countries are perceived by field experts worldwide in terms of sustainability. In this ranking, Brazil came in 15th place, next to Costa Rica and ahead of India.

In the global analysis, the report ranked Sweden in first place, followed by Norway and Costa Rica. The Latin American country has just recently been included in the survey and has already exceeded expectations with an excellent performance. In the perception ranking, Germany has the lead, followed by Denmark and Sweden.

According to the report, Brazil is seen as attractive for investments in clean technologies and renewable energies. With plenty of natural resources and rising economic power, the country could take greater leadership in promoting sustainable economic growth.

“This leadership will be critical for Brazil to improve its future performance on the Environment & Natural Capital dimension, particularly forests and water,” the document went on.

The study has also found that many developing nations – including China, Thailand, Vietnam, Cambodia, Qatar, and the United Arab Emirates – need to reorient their economies towards more sustainable growth. Moreover, such developed countries as Australia, Japan, the Netherlands, and the United States had lower performances in sustainability than the perception of them would suggest. “These countries appear to receive more credit than they deserve, an information gap that requires further exploration,” the report pointed out.