O Financiamento da Agropecuária Sustentável no Cerrado

This executive summary by the Climate Policy Initiative (CPI/PUC-Rio) analyzes agricultural financing in the Cerrado biome and the Matopiba region. It finds that while financial flows are significant, the current architecture fails to align with sustainability and zero-deforestation goals due to high concentration among large producers and institutions, limited scale of sustainable credit, and insufficient territorial coverage.

• Financial flows to the Cerrado and Matopiba are substantial but disproportionate. Between the 2020/21 and 2023/24 agricultural years, subsidized rural credit for the Cerrado reached R$ 198 billion, representing approximately 36% of Brazil's total rural credit. The Matopiba region received R$ 48.59 billion during this period; despite generating only about 14.5% of agricultural production value, it concentrated over 32% of the financing volume.
• Sustainable subsidized credit is limited and concentrated among large-scale producers and specific regions. From 2020/21 to 2023/24, it accounted for only 5.7% of total rural credit in the Cerrado. Programs like RenovAgro and the ABC Program show higher average loan values (approximately R$ 1.2 million per installment) compared to other programs (R$ 700 thousand to R$ 750 thousand). Geographically, only 40% of the biome's municipalities had contracts under RenovAgro/ABC, and 53% had no sustainable credit contracts under Pronaf.
• Market concentration in Matopiba restricts competition and access to sustainable financing. The market is dominated by a few institutions, primarily Banco do Brasil and banks managing Constitutional Financing Funds (FCFs) such as Banco do Nordeste and Banco da Amazônia. In the sustainable credit segment, 45.5% of municipalities have either only one institution offering RenovAgro/ABC or sustainable Pronaf contracts, or none at all.
• Innovative blended finance mechanisms show potential but lack the scale necessary for systemic transformation. The study examined nine such mechanisms with values ranging from approximately R$ 20 million to over R$ 1.5 billion. Their growth is hindered by structural barriers, including market fragmentation, risk perceptions, and sales pipeline restrictions.

APA

Afflalo, L., Assunção, J., Hoover, N., & Wallock, W. (2026). O Financiamento da Agropecuária Sustentável no Cerrado. Climate Policy Initiative. https://www.climatepolicyinitiative.org/wp-content/uploads/2026/03/Sumario-Executivo-Financiamento-Agropecuaria-Sustentavel-Cerrado.pdf

Chicago

Afflalo, Lucas, Juliano Assunção, Natalie Hoover, and William Wallock. O Financiamento da Agropecuária Sustentável no Cerrado. Climate Policy Initiative, 2026. https://www.climatepolicyinitiative.org/wp-content/uploads/2026/03/Sumario-Executivo-Financiamento-Agropecuaria-Sustentavel-Cerrado.pdf.

Wikipedia

{{cite report |last1=Afflalo |first1=Lucas |last2=Assunção |first2=Juliano |last3=Hoover |first3=Natalie |last4=Wallock |first4=William |title=O Financiamento da Agropecuária Sustentável no Cerrado |publisher=Climate Policy Initiative |date=March 2026 |url=https://www.climatepolicyinitiative.org/wp-content/uploads/2026/03/Sumario-Executivo-Financiamento-Agropecuaria-Sustentavel-Cerrado.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{afflalo2026financiamento, author = {Afflalo, Lucas and Assunção, Juliano and Hoover, Natalie and Wallock, William}, title = {{O Financiamento da Agropecuária Sustentável no Cerrado}}, institution = {Climate Policy Initiative}, year = {2026}, month = mar, url = {https://www.climatepolicyinitiative.org/wp-content/uploads/2026/03/Sumario-Executivo-Financiamento-Agropecuaria-Sustentavel-Cerrado.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }