Por que a CPR verde não decolou? Falhas de incentivo, desenho institucional e os limites do financiamento privado da conservação no Brasil

Resumo

This study investigates the factors that explain the low adoption of the Green Rural Product Certificate (CPR Verde) in the Brazilian financial and capital markets, despite its potential to mobilize private resources for environmental conservation. Created by Law No. 13,986/2020, the CPR Verde was designed to integrate the sustainable finance agenda into agribusiness financing by enabling the monetization of ecosystem services through a credit instrument. However, several years after its introduction, the instrument exhibits a limited number of issuances and marginal uptake by market participants. The research adopts a qualitative approach, supported by descriptive quantitative analysis, combining a literature review, documentary analysis of the legal and regulatory framework, and an empirical survey conducted through a questionnaire applied to agents operating in the ESG instruments market. The findings indicate that the stagnation of the CPR Verde does not stem from informational failure, but rather from a structural mismatch between its normative design and practical market conditions. The analysis identifies that the CPR Verde operates within a hybrid frontier between the logic of Payments for Ecosystem Services and the logic of financial credit, without fully consolidating within either framework. This functional ambiguity increases transaction costs, hinders price formation, constrains liquidity, and prevents the realization of perceived economic benefits, such as reductions in the cost of capital. Furthermore, the absence of standardization, national taxonomies, structured public incentives, and active state participation as a marketshaping agent limits the instrument’s scalability. It is concluded that the low adoption of the CPR Verde reflects failures in institutional coordination and incentive structures, indicating that its consolidation depends on regulatory design adjustments, the creation of public support mechanisms, and a clear definition of its economic role within Brazil’s sustainable finance ecosystem.

Ficha do documento

Tipo

Dissertação

Ano

2026

Instituição

Fundação Getulio Vargas

Fonte

Repositório da FGV

Idioma

Português

Acesso

Acesso aberto

Identificador

oai:repositorio.fgv.br:10438/38957

Temas

Meio Ambiente

Palavras-chave

Cédula de Produto Rural VerdeFinanças sustentáveisAgronegócioPagamento por serviços ambientaisMercado de capitaisRegulação financeiraGreen Rural Product CertificateSustainable financeAgribusinessPayments for ecosystem servicesCapital marketsFinancial regulationAdministração de empresasFinanças - Aspectos ambientaisTítulos de créditoAgroindústria - BrasilServiços ambientaisODS 13: Ação contra a mudança global do climaODS 15: Vida terrestre