Investimento Rural: Crédito do BNDES Contribui para a Intensificação da Agropecuária

The study finds that BNDES credit for agricultural machinery increases productivity and promotes the intensification of agriculture—specifically by replacing pasture with cropland—without increasing deforestation pressures. These effects are most pronounced in municipalities with high labor intensity and when financing 'labor-saving' equipment.

• BNDES credit for machinery and equipment increases agricultural productivity and encourages the substitution of pasture areas for cropland at the municipal level, without increasing deforestation pressures.
• The positive impacts on production and productivity, particularly for cropland, are more significant in municipalities characterized by high labor intensity and for loans specifically targeting labor-saving equipment.
• A 1% increase in the availability of municipal credit for equipment is associated with a 0.02 percentage point increase in the share of agricultural GDP relative to total municipal GDP and a 0.13% increase in agricultural production value.
• The credit acts as a tool for rural intensification; a 1% increase in municipal equipment credit results in a 0.18% increase in agricultural land productivity and a 0.08% increase in livestock land productivity.
• Labor-saving equipment, including tractors, harvesters, and soil preparation equipment, represented 68% of the credit for equipment between 2005 and 2019.
• Between 2005 and 2019, BNDES rural credit for equipment saw a real increase of 97%, rising from R$ 4.9 billion in 2005 to R$ 9.7 billion in 2019, with a peak of R$ 19.7 billion in 2013.
• There is evidence of a slight increase in deforestation when credit is expanded specifically within the subgroup of municipalities with the lowest proportions of workers per area.

APA

Souza, P., Sant´Anna, A., Machado, L., Intropidi, B., & Vogt, P. (2022). Investimento Rural: Crédito do BNDES Contribui para a Intensificação da Agropecuária. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2022/05/DQ-INVESTIMENTO-RURAL-BNDES-V02.pdf

Chicago

Souza, Priscila, André Sant´Anna, Luciano Machado, Barbara Intropidi, and Pedro Vogt. Investimento Rural: Crédito do BNDES Contribui para a Intensificação da Agropecuária. Climate Policy Initiative, 2022. https://www.climatepolicyinitiative.org/wp-content/uploads/2022/05/DQ-INVESTIMENTO-RURAL-BNDES-V02.pdf.

Wikipedia

{{cite report |last1=Souza |first1=Priscila |last2=Sant´Anna |first2=André |last3=Machado |first3=Luciano |last4=Intropidi |first4=Barbara |last5=Vogt |first5=Pedro |title=Investimento Rural: Crédito do BNDES Contribui para a Intensificação da Agropecuária |publisher=Climate Policy Initiative |date=May 2022 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2022/05/DQ-INVESTIMENTO-RURAL-BNDES-V02.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{souza2022investimento, author = {Souza, Priscila and Sant´Anna, André and Machado, Luciano and Intropidi, Barbara and Vogt, Pedro}, title = {{Investimento Rural: Crédito do BNDES Contribui para a Intensificação da Agropecuária}}, institution = {Climate Policy Initiative}, year = {2022}, month = may, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2022/05/DQ-INVESTIMENTO-RURAL-BNDES-V02.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }