Extra edition. About the last day of the Argus Latin America Carbon Conference 2025.

Wednesday, June 25, 2025.

On the second and last day of the conference, Lucas Boacnin, Business Development Manager at Argus, welcomed participants and led the opening session.

In the panel “Buyers Keynote Panel – How are industries decarbonising their supply chains in the build-up to COP30?”, moderated by Lisa Lieberbaum, representatives from Vale and Ambev shared their decarbonisation strategies and preparation for COP30, with an emphasis on the use of carbon credits and value chain engagement.

Renan Marçal, from Vale, highlighted the use of Nature-Based Solutions (NBS), especially for scope 3 emissions — which represent 98% of the company's emissions. Approximately 15 to 20% of decarbonisation will depend on carbon credits. Vale has already acquired credits in Pará and is aware of the demands of the European market. Regarding the pioneering report recently published, as we anticipated on June 1, he commented that the gap analysis aimed at adherence to IFRS S2 began two years ago.

Luiz Gustavo Talarico, from Ambev, explained that the company plans to cover 10% of its decarbonization with credits and has already used 30,000 units. It is focused on engaging strategic suppliers (30 represent 40% of scope 3 emissions) and has been seeking to align itself with standards such as IFRS and CSRD. The integrity of credits and the robustness of MRV systems were highlighted as critical points.

Both representatives advocated advancing interoperability between voluntary and regulated markets, and hope that COP30 will promote collaborative solutions and robust climate ambition.

The audience's questions raised topics such as CBAM, strategies with NBS credits and Brazilian regulation. Both demonstrated preparation for the international scenario and willingness to actively contribute to a quality national carbon market.

The “Banking and Financing Carbon Markets” panel brought together experts to discuss the role of the financial sector in advancing decarbonization through carbon credits. Moderated by Victor Uchoa (Argus), the conversation pointed out ways to enable climate investments at scale — highlighting the urgent need for large volumes of capital and the role of regulatory frameworks in attracting confidence and liquidity.

Marina Albuquerque, from BTG Pactual, shared a practical perspective on the evolution of sustainable investment. According to her, the interest of family offices in products with an ESG bias was the starting point for the bank's engagement in the topic — today, it is a structured business front. She also warned of challenges in financing projects linked to land, especially with regard to land security.

Marco Fujihara, from Aggrego, focused on creating innovative financial instruments aimed at the private sector. He emphasized the multiple risks involved — regulatory, legal, integrity and even sovereign — that need to be well understood to ensure the return and viability of carbon projects. He cited the example of Brazilian agriculture, which has been reinventing itself with regenerative practices, and warned that nature-based projects (NBS) carry integrity risks that must be mitigated with clear governance.

Ana Luci Guizzi, from ALG Consulting, brought a legal and regulatory approach to the debate. Based on her work as an author and expert on the topic, she emphasized that climate finance depends on the integration between the national legal framework, international climate commitments (such as the Brazilian NDC) and the strategic actions of entities such as the Central Bank, CVM, SUSEP and PREVIC. She highlighted that the National Allocation Plan will be a key piece in climate governance and that the engagement of the financial system is essential to scale up solutions. In response to questions from the audience, she addressed the legal uncertainty that still surrounds carbon credits in international transactions — a topic of great interest to the banking sector and under analysis by CVM — and commented that future Brazilian regulation may allow the use of credits for offsetting around 5 to 10%, but with criteria still to be defined.

All panelists agreed that COP30 will be crucial to repositioning Brazil at the center of global climate finance, but warned: long-term investments require clarity, integrity and ongoing institutional commitment — not one-off solutions.

In the panel “How can emissions and avoidance in the agriculture sector create new credit opportunities”, moderated by Iule Roberto Pais de Arruda (Louis Dreyfus Company), experts discussed the potential of agriculture as a generator and trader of carbon credits, highlighting the importance of transparent governance and integrity in methodologies.

Regarding Louis Dreyfus Company, the company highlighted its role as a provider of sustainable solutions for Latin America, integrating products, logistics and financial instruments — such as carbon credits and bioenergy — in various production chains. It presented the potential of agriculture to generate up to US$13.7 billion per year with “carbon farming” by 2050, but warned about the need to scale these markets with integrity, scientific basis and clear rules. The central message was that the agricultural sector can be a strategic vector for decarbonization, as long as the benefits are distributed fairly and the regulatory frameworks provide security for investors.

Mario Melo (Citrosuco) highlighted the company’s role as a global leader in the orange juice chain, with integrated operations that include agricultural production, industrial processing and international logistics. He emphasized Citrosuco’s commitment to sustainability, evidenced by certifications, high performance in ESG ratings and concrete decarbonization goals — already reducing emissions by 18% since 2019 and targeting 28% by 2030. In addition, he presented two Nature-Based Solutions (NBS) initiatives for generating carbon credits: PSA Carbon Agro, focused on sustainable management and forest preservation, and Carbon Soil, based on the regeneration of degraded areas. Both projects are scheduled to begin issuing credits between 2025 and 2028.

Carlos Messias (MyCarbon) highlighted the company’s role as a nature-based carbon credit generation and trading platform operating in South America. The company develops projects focused on regenerative practices and socio-environmental benefits, leveraging Minerva Foods’ structure to scale solutions in the southern hemisphere. He presented three initiatives: the Regenerative Livestock project, focused on carbon removal through regenerative livestock farming; the BRA – 3C project, focused on crops such as grains and cocoa; and the Tauari Forest Conservation project, in partnership with UNICEF, focused on forest conservation with direct social impact in the Amazon.

During his presentation, Mathias Becker (Systemiq) highlighted that global decarbonization requires a systemic, circular and science-based approach. Becker presented comparative scenarios showing that circular models can significantly reduce carbon demand, and that CO₂ reuse will still be limited until 2050, requiring investment in capture and storage technologies. He also compared technological pathways such as advanced biofuels with BECCS and biochar — which offer high carbon removal potential — with solar energy, which, although efficient in energy generation, requires complementation to sequester CO₂. The central message was clear: it is not enough to decarbonize the energy matrix, it is necessary to reimagine the use of carbon in the economy, promoting innovation, integrity and scale.

In his closing remarks, Mario Melo highlighted the importance of carbon credit methodologies adapted to local specificities, mentioning the work started in 2023 with Reservas Votorantim (Legado das Águas) and ECCON — initially focused on the Atlantic Forest and, more recently, expanded to investigate the potential of perennial agriculture. Carlos Messias emphasized that, in order to advance the agricultural emissions agenda, it is essential to understand the mindset and reality of rural producers, ensuring that solutions are aligned with their motivations and capabilities.

The panel moderated by Erisa Senerdem (Argus), “Biochar as carbon removal method: How do you choose a carbon removal technology?” addressed the criteria that guide the choice of carbon removal technologies, such as biochar, considering factors such as cost, permanence, environmental co-benefits and viability of scale. The potential impacts of these choices on the voluntary carbon market (VCM) were also discussed.

Lia Mara Iost Leitão (Raízen) highlighted second-generation ethanol (E2G) as a technological differentiator — a low-emission, scalable solution produced from sugarcane bagasse — in addition to presenting biomass as a strategic vector in decarbonization due to its energy potential, carbon sequestration capacity and application in technologies such as BECCS. Lia also highlighted the role of Brazil, with its diversified and regionalized energy matrix, and drew attention to the structural bottlenecks that still limit the sustainable use of biomass: lack of public policies, logistical challenges, knowledge gaps and the need for long-term investments.

Benone Braga (Aperam BioEnergia) highlighted the company's trajectory and strategic role in the production of renewable energy from biomass, with an emphasis on the carbon removal project via biochar. With more than 150,000 hectares of forests under certified management, an annual capacity of 450,000 tons of charcoal and 30,000 tons of biochar, Aperam combines technological innovation (more than 45 patents), social impact and environmental governance. The biochar project, certified by Puro.earth since 2022, is in the expansion phase and projects to reach 100,000 tons per year by 2031. Benone also emphasized the agronomic and climate benefits of biochar, its contribution to soil fertility and carbon sequestration, and the positive social impact generated through the Raízes do Vale program, with an increase in the human development index (HDI) in neighboring communities. In addition to producing, Aperam also offers the technology to other Brazilian companies, reinforcing its leadership in the sector.

The panel ended with a lively discussion with the audience, which reinforced the growing interest in the multiple possibilities of biochar. Benone Braga highlighted that this technology, although supported by innovation and industrial patents, has ancestral roots — being equivalent to the “Terra Preta de Índio” (Black Earth of the Indian) used by indigenous peoples of the Amazon. In addition to its agricultural use, he mentioned promising applications as fuel in cement plants, energy mixes and injection in blast furnaces (PCI), taking advantage of its high calorific value.

The panel “Tracking LatAm’s Development: Certifications and Meeting Article 6 Criteria” discussed ways for Latin American projects to meet the criteria of Article 6 of the Paris Agreement, with a focus on certifications and integration into global markets. Brazil was highlighted as a potential reference for the region in this process.

Cassio Souza (Verra) discussed how the VCS (Verified Carbon Standard) can support Latin American projects in meeting the criteria of Article 6 of the Paris Agreement. He highlighted Verra’s robust presence in the region — with over 300 projects in 17 countries — and reinforced the main technical requirements for certification: additionality, permanence, baseline, and stakeholder engagement. Cassio also explained how the VCS can operate as a reliable platform for generating and tracking credits within regulatory mechanisms, being accepted by countries such as Colombia, South Africa, and by programs such as CORSIA. He concluded by emphasizing that the voluntary market is already active and can be an efficient basis for implementing Article 6, highlighting Brazil’s strategic role as a potential supplier of ITMOs and a hub for low-cost climate solutions.

During his presentation, Ricardo (Verifit) highlighted Brazil’s progress in implementing Monitoring, Reporting and Verification (MRV) systems and the country’s strategic role in carbon markets, both voluntary and regulated. He presented data that highlights the country’s main emitting sectors and highlighted Brazil’s potential to lead with climate solutions integrated into its NDC. He also addressed the growing appreciation of carbon removal projects, the requirement for integrity and traceability, and the institutional challenges to comply with Article 6 of the Paris Agreement. He reinforced that the Brazilian Emissions Trading System (SBCE) is under construction, and that Brazil can transform the climate crisis into an economic and social opportunity.

Remo Filleti (ICVCM) highlighted the importance of strengthening the integrity of the voluntary carbon market (VCM), positioning Brazil as a leading player in this movement. He presented the Core Carbon Principles (CCPs) — criteria that define high-quality credits based on governance, real climate impact, and socio-environmental benefits — and showed how these principles have been adopted by governments and global institutions. He also detailed the ICVCM’s areas of action, such as methodological assessment, stakeholder engagement, and continuous improvement programs. Remo emphasized that CCPs are a strategic tool for increasing investments in nature-based solutions and positioning Brazil as a regional leader in a healthy carbon market, aligned with the Paris Agreement and ready to attract international buyers.

In the panel “IRECS and understanding the cocktail of environmental products to help decarbonise businesses”, Luciano Figueredo (Totum Institute) highlighted the role of I-REC(E) certificates as key instruments in corporate decarbonisation, with a focus on the traceability of renewable electricity. Brazil was identified as a global leader in the issuance of these certificates, with over 51 million units issued in 2025, consolidating its strategic position in the energy transition. Luciano also presented the “cocktail” of environmental assets — such as GAS-REC, removal credits (CDR), SAFs and certificates associated with hydrogen and biomethane — that contribute to transparency in corporate reporting (ESG/GHG).

During the presentation “Beyond decarbonisation: How Europe & Brazil can use renewable carbon to minimise emissions in hard-to-abate industries and achieve permanent carbon removal at scale”, Philipp D. Hauser outlined a strategic overview of the role of biochar and sustainable biocarbon in the decarbonisation of intensive industrial sectors – such as steel, silicon and ferroalloys – highlighting their potential not only to mitigate emissions, but also to enable permanent carbon removal at scale, especially through technologies such as pyrolytic biorefineries and BECCS. He argued that Brazil has the potential to lead a new industrial climate economy, as long as it invests in public policies, innovation and the promotion of sustainable use of forests. Brazil, together with Europe, can co-create global standards for sustainability, governance and MRV, consolidating a carbon market based on integrity and real impact.

This concludes Carbon Credit Markets’ coverage of the Argus Latin America Carbon Conference.

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2025 Argus Latin America Carbon Conference Day2