Crédito de Carbono e Macaúba: Avançando ESG na Produção de Gado Verde

Vasconcelos, Glaucia Fernandes; Almeida, Victor

doi:10.1590/1982-7849rac2024240116.en

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Case for Teaching • Rev. adm. contemp. 28 (5) • 2024 • https://doi.org/10.1590/1982-7849rac2024240116.en linkcopiar

Crédito de Carbono e Macaúba: Avançando ESG na Produção de Gado Verde

Autoria SCIMAGO INSTITUTIONS RANKINGS

Este caso tem por objetivo explorar a interseção entre a sustentabilidade financeira da produção de gado, a venda de crédito de carbono e o cultivo da macaúba. O caso identifica desafios e oportunidades para as práticas de ESG (ambiental, social e governança) no contexto da agropecuária contemporânea. O relato envolve um produtor rural brasileiro e apresenta o processo de plantação e integração da macaúba com a produção do gado de corte, o conceito de mercado de carbono e as externalidades sociais do projeto. O caso levanta o dilema: Como equilibrar o potencial econômico da macaúba e seus subprodutos com a missão de produzir gado de maneira ecologicamente responsável, ao mesmo tempo que se posiciona favoravelmente no mercado de créditos de carbono? Os objetivos pedagógicos se concentram em analisar a viabilidade econômica, financeira e ambiental da integração entre a produção de gado verde e o cultivo da macaúba, entender a dinâmica e as implicações dos créditos de carbono no contexto agropecuário nacional, refletir sobre a importância e os desafios de implementar práticas ESG na agropecuária, e estimular a capacidade de tomada de decisão em cenários complexos e multidimensionais. O caso pode ser aplicado em cursos de graduação e de pós-graduação em finanças e áreas afins. O caso é recomendado para incentivar os alunos a refletir sobre as estruturas financeiras e os desafios da implantação da venda de crédito de carbono para pequenos proprietários rurais.

Palavras-chave:
sustentabilidade financeira; crédito de carbono; macaúba; ESG; agropecuária contemporânea

Activities	Duration (minutes)
Case opening - discussion in plenary	5-10
Initial discussion in small groups	40-50
Debate of groups	60-70
Closing of discussions	15-20
Total class duration	120-150

Beef cattle production - Existing
Viable	Not Viable
▪ It benefits the livestock by providing plant-based protein and shade during the summer.	▪ The cost of doing business is high. CAPEX is 90% of gross revenues.
▪ Green confined cattle breeding is viable because NPV is US$ 522,385 with an IRR of 16%.	▪Green certification entails additional costs for infrastructure, technologies, and management, impacting financial feasibility.
▪ Jules personally finances all Capex expenses.	▪ The demand and willingness to pay premium prices for green-labeled cattle products may vary in the growing market for sustainable products.
▪ Premium with green cattle is an increase of 15% on sales.
▪ Selling green cattle allows for market differentiation, attracting consumers.
Riparian forest - Existing
Viable	Not Viable
▪ Investing in riparian forest restoration offers environmental benefits, improving water quality, reducing erosion, enhancing biodiversity, and contributing to carbon sequestration.	▪ Restoring and maintaining riparian forests can be costly, potentially outweighing the revenue potential from carbon credits and making the investment financially unviable.
▪ Investing in these ecosystems benefits cattle breeding and reduces cattle deaths from snake bites, among other advantages.	▪ Technical expertise and adherence to certification standards are necessary for successful riparian forest restoration and carbon credit projects.
▪ Riparian forest is viable because NPV is US$ 14,978 with an IRR of 32%.	▪ Carbon credit prices are subject to market volatility, and demand for credits can fluctuate, impacting the financial feasibility of the investment.
▪ The majority of the Capex is funded by TNC.
▪ Adheres to international governance standards.
Eco-Bungalow - New
Viable	Not Viable
▪ Proximity to a national preservation area and close nature experiences can attract buyers for eco-bungalows.	▪ Developments close to a national preservation area is challenging due to strict regulations and permits, making the investment process complex and time-consuming.
▪ Eco-bungalows provide additional income and diversify revenue, reducing dependency on confined cattle breeding.	▪ Requires careful consideration of environmental impacts and adherence to construction restrictions and waste management requirements.
▪ Eco-Bungalows are viable because NPV is US$ 32,005 with an IRR of 20%.	▪ Building and maintaining bungalows involve significant upfront and ongoing expenses, including infrastructure development and utilities.
▪ Jules will personally finance all the capital expenditure expenses.
Oil processing of Macaúba palm - New
Viable	Not Viable
▪ Jules has abundant Macaúba palm tree resources, providing a sustainable and easily accessible raw material for Macaúba oil processing.	▪ Establishing a Macaúba oil processing facility requires a high initial investment.
▪ Market demand for Macaúba oil is growing in industries such as cosmetics, food, and biofuels, presenting an opportunity for investors in Macaúba oil processing.	▪ Additional investors may be necessary due to the substantial investment required, which can be time-consuming and challenging to secure.
▪ Investing in Macaúba oil processing allows income diversification, reducing reliance on a single investment and potentially increasing profitability.	▪ The Macaúba oil market may face competition from other vegetable oils, requiring a careful assessment of the competitive landscape and the certain demand level.
▪ Oil processing of Macaúba is viable because NPV is US$ 286,937 with an IRR of 24%.	▪ Macaúba oil prices can be volatile, impacting the profitability of the business.
▪ Jules seeks financial support from partners to invest in this new business venture.	▪ Jules needs to consider the risks of a monoculture.
Carbon Credit - New
Viable	Not Viable
▪ Jules already has a significant number of established Macaúba palm trees that can be utilized for the immediate sale of carbon credits.	▪ The process of selling carbon credits in the international market requires the expertise of experienced consultants.
▪ The farm has ample land available for further tree planting, creating additional opportunities for selling carbon credits.	▪ Obtaining certification for carbon credits can be costly and complex.
▪ Jules incurs minimal costs as Reflora is funding all expenses associated with the model farm process.	▪ Generating revenue from selling carbon credits takes time as it relies on the growth of plants, posing challenges for smaller producers.
▪ The sale of carbon credits through Macaúba palm reforestation has a positive impact on profitability, complementing cattle production, which already adheres to green cattle seal standards.	▪ It is important to note that the model for selling carbon credits implemented on Jules’ farm is a pilot project. Without assistance from Reflora or similar organizations, smaller producers may encounter difficulties in replicating the model successfully.
▪ Carbon offsets are viable because NPV is US$ 644,281 with an IRR of 36%.	▪ The time it takes for plants to grow during reforestation poses challenges for farmers who are unable to utilize the space until carbon credits are sold. Providing financial support during this transition period is crucial for reforestation project success.
▪ The majority of the Capex is funded by the Reflora company.
▪ Adheres to international governance standards.

Viability of overall business selling carbon credits from macaúba palm tree reforestation
Viable	Not viable
▪ Macaúba palm tree reforestation and carbon credit sales enhance the farm’s environmental reputation and attract sustainability-focused customers.	▪ The farm is investing substantial personal money in different projects to ensure financial feasibility and secure necessary capital.
▪ Macaúba oil processing introduces value-added products, expanding the customer base and creating new revenue streams.	▪ Collaborating with additional investors or partners may be necessary, but a challenging task.
▪ These diversification strategies reduce financial risks, promote environmental sustainability, access growing markets, and offer opportunities for value-added products, ensuring a prosperous and sustainable future for the farm.	▪ Managing multiple business lines introduces operational complexities that require thorough planning, adequate resources, and specialized expertise.
▪ The Cachoeirinha Farm’s model is viable because NPV is US$ 618,184 with an IRR of 12%.	▪ The presence of numerous employees on the farm who are not under the direct authority of Reflora raises concerns about potential authority issues that Jules may face in the future.
▪ The responsibility for managing carbon credit sales has been transferred to Reflora and TNC, mitigating the associated risks.
▪ The involvement of new partners can contribute to effective farm management and provide additional support.

Community perspective
Good	Bad
▪ Based on the projections from the sales of carbon credits from the Cachoeirinha Farm alone, the community would have a 5% increase in per capita income (US$ 177).	▪ Farmers should carefully consider the financial viability and potential risks before committing their resources.
▪ The demand for carbon credits is growing globally, and by participating with 10% in this market, the community can benefit from potential revenue streams.	▪ Farmers with shorter timelines or financial obligations might not be willing to wait for several years before seeing a substantial return on their investment.
▪ Investing in projects like the Cachoeirinha Farm not only helps preserve the environment, but also creates job opportunities and improves resident livelihood.	▪ Spreading resources too thin can compromise the effectiveness and efficiency of each individual aspect of the project.
▪ The community can plant macaúba palm trees and sell the coconuts to the Cachoeirinha Farm, increasing their sources of income and creating new job opportunities.	▪ Not all community members may benefit equally from the investment in carbon credits.
▪ It leaves a positive environmental legacy for future generations.
▪ Small farmers would greatly benefit from assistance with the certification and sale processes of carbon credits by international governance agreements.

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E-mail: rac@anpad.org.br

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