Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil

The Brazilian sustainable debt market has grown to USD 10.8 billion, with green bonds dominating at 84% of the market. Land use is a primary driver, accounting for 67% of emissions across green, sustainable, sustainability-linked, and transition labels. The forestry sector is the most significant theme, led by pulp and paper companies like Suzano and Klabin. Bioenergy and agriculture are emerging sectors, while livestock remains a challenge but shows potential through transition bonds. The document highlights a significant investment potential of USD 163 billion for green agriculture in Brazil by 2030.

• The Brazilian sustainable debt market reached a cumulative value of USD 10.8 billion, with green bonds representing 84% of this total. Since 2015, the green bond market grew from USD 564 million to USD 9 billion, making Brazil the largest green bond market in Latin America.
• Land use is the most significant theme in sustainable agricultural financing in Brazil, representing 67% of the total volume of emissions across green, sustainable, sustainability-linked, and transition labels.
• The forestry sector is the primary theme for sustainable agricultural financing in Brazil, with a volume of USD 6.4 billion, largely driven by pulp and paper companies. Suzano and Klabin are the largest emitters in this category, with USD 4.5 billion and USD 1.7 billion respectively.
• Bioenergy is the second largest investment category at USD 832 million, with FS Bioenergia as the main emitter (USD 698 million). The sector focuses on corn and sugarcane ethanol production and cogeneration.
• Agricultural emissions are still incipient, totaling USD 848 million from four bonds since August 2020. Rizoma Agro issued the first certified green bond for agricultural production in Brazil and the world.
• Livestock financing is limited, totaling USD 530 million from two emissions by Marfrig. This includes a USD 500 million sustainable transition bond and a USD 30 million sustainability-linked loan aimed at eliminating deforestation from supply chains.
• Food production emissions total USD 612 million, with BRF S.A. as the largest emitter. These funds are split equally between green bonds and sustainability-linked loans.
• Sustainability-linked bonds (SLB) and loans (SLL) have grown to USD 5 billion in Brazil, offering more flexibility for general corporate purposes. However, there is a noted lack of transparency, as only five of 15 transactions obtained a second-party opinion (SPO).
• Transition bonds are a recent and modest segment in Brazil, with USD 669 million issued. The first was a USD 500 million bond by Marfrig in 2019, followed by two bonds from Eneva in 2020.

APA

Souza, L., Ambrosano, J., Lerner, A., Barki, M., Gasparotto, T., Jain, M., & Tukiainen, K. (2021). Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/cbi_brazil_agrisotm_port.pdf

Chicago

Souza, Leisa, Julia Ambrosano, Alicia Lerner, Marina Barki, Thatyanne Gasparotto, Mallika Jain, and Krista Tukiainen. Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil. Climate Bonds Initiative, 2021. https://www.climatebonds.net/files/documents/publications/cbi_brazil_agrisotm_port.pdf.

Wikipedia

{{cite report |last1=Souza |first1=Leisa |last2=Ambrosano |first2=Julia |last3=Lerner |first3=Alicia |last4=Barki |first4=Marina |last5=Gasparotto |first5=Thatyanne |last6=Jain |first6=Mallika |last7=Tukiainen |first7=Krista |title=Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil |publisher=Climate Bonds Initiative |date=June 2021 |url=https://www.climatebonds.net/files/documents/publications/cbi_brazil_agrisotm_port.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{souza2021anlise, author = {Souza, Leisa and Ambrosano, Julia and Lerner, Alicia and Barki, Marina and Gasparotto, Thatyanne and Jain, Mallika and Tukiainen, Krista}, title = {{Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil}}, institution = {Climate Bonds Initiative}, year = {2021}, month = jun, url = {https://www.climatebonds.net/files/documents/publications/cbi_brazil_agrisotm_port.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }