How to seize new opportunities in the carbon market

On July 4th and 5th, Insper will be offering an executive education course Carbon and Agro Markets, aimed at professionals who want to understand, in practice, how the carbon market works and how it impacts — and creates opportunities — for productive sectors in Brazil, with a special focus on agribusiness. The course combines theory, case studies and practical application to prepare participants to navigate safely through the regulated, voluntary and jurisdictional markets, in light of the new Brazilian legal framework.

The course is headed by Natália Braga Renteria, a lawyer with a PhD in climate governance from the Université Catholique de Louvain (Belgium) and a specialist in the carbon market. An executive working on climate projects, Natália designed a comprehensive program that brings together highly specialized professors and provides the perspective of those who work directly behind the scenes of the regulation and implementation of projects in Brazil.

Natália explains that, despite the title of the course referring to agribusiness, the program’s interest is not limited to it. As she explains in the following interview, the content is of interest to all professionals who wish to understand in depth how the carbon market works, its regulatory, economic and strategic implications — and how to position businesses and careers in a scenario of increasingly urgent climate transition.

Who is this course for?
I believe this course is aimed at any professional who wants to understand the current climate transition and carbon economy scenario. Many professionals are highly qualified in their fields, but are still unfamiliar with how this market works — and the topic is already knocking on the doors of companies, consultancies, governments and businesses of all types.

The questions are common: is this opportunity real? Is it for now or for the future? What changes do I need to make in my business? What information is reliable? How can I position myself strategically? If you have ever asked yourself any of these questions, this course is for you.

Our goal is to enable participants to understand this scenario clearly, develop a critical eye and position their activities and businesses in this new context — which is already in motion and tends to accelerate even more in the coming years.

What makes Insper's course different from others that address the same topic?
The difference lies in the conceptual solidity combined with practical application. The course was structured to form a robust knowledge base, delving into the fundamental issues of the carbon market. It is divided into two complementary moments, which provide the participant with autonomy and critical capacity at the end of the experience.

On the first day, we addressed the fundamentals: regulated market, voluntary market, jurisdictional market and the international mechanisms provided for in Article 6 of the Paris Agreement — complex topics that are still difficult to access. I often call this moment a true conceptual “freshening up”: an alignment of knowledge that is difficult to find brought together with such depth and clarity.

On the second day, we delve into the context of agribusiness, analyzing what is happening in practice: how projects are being structured, what the real challenges are and the concrete opportunities. This combination of theory and practice is what makes our course unique.

The course will include case studies. Can you give an example?
Yes, we will present two real case studies of projects in the voluntary market linked to agribusiness. And the most interesting thing is that the people responsible for these projects will be present at the course, sharing in person how the projects were conceived, which methodologies were used and what the main lessons were.

Without wanting to give away any spoilers, I can say that one of the cases will deal with the development of a carbon project in pastures — one of the many possibilities in agriculture. There are others, which we will also cover throughout the course. In some of them, we will go into greater depth to show how it all works in practice.

How does the new regulatory framework for the carbon market, approved in December 2024, impact the agricultural sector?
The approved legislation recognizes three carbon market systems in Brazil: regulated, voluntary and jurisdictional. The regulated market, also called the emissions trading system, which has an economy-wide basis, was structured in such a way as to not include primary agriculture. In other words, the sector was left out of the compliance market, which is mandatory.

However, this does not mean that agriculture is excluded from opportunities. On the contrary: the sector can — and should — play a strong role in the voluntary market, which has great potential to attract capital and finance the transition to more sustainable practices. This transformation can occur both through projects that generate carbon credits and through the valorization of products within production chains. In this market, two mechanisms stand out: offsetting (compensation with credit generation) and insetting (environmental valorization within the chain itself, without credit generation).

Furthermore, the jurisdictional market, a more recent trend, has been gaining prominence. It involves actions at the state level and can especially benefit small and medium-sized producers, integrating them into regional programs to combat deforestation and promote climate transition.

Therefore, it is essential that professionals in agriculture — and other sectors — develop a critical eye to identify what applies to their context and how to take advantage of these opportunities. In the course, we will explore these aspects in depth, always based on real cases and concrete experiences.

Considering the current climate change scenario and the growing pressure for sustainable practices, how important is the carbon market for Brazilian agriculture?
The carbon market should be seen as a strategic instrument for attracting capital. It has the potential to make the climate transition financially viable, which requires investment in new practices and technologies. In this sense, it is a bridge between sustainability and economic viability — especially relevant for the agricultural sector, which needs to remain competitive in an increasingly demanding global scenario.

In addition, there is a credibility advantage. When a region is part of a jurisdictional market, there is more robust state control over deforestation and environmental degradation, with consistent command and control data. This provides an institutional endorsement that adds value to the region's products.

Producers operating in states with jurisdictional programs will have an easier time accessing international markets that require traceability and guarantees of sustainable origin. In other words, in addition to opening doors to financing — a direct advantage — the carbon market brings strategic gains that help to better position businesses in differentiated global chains.

In November of this year, Brazil will host the United Nations Climate Change Conference. Is this event related to the course theme?
Without a doubt. Brazil is experiencing a unique moment of regulatory expansion and maturation of the carbon market. The recent approval of the new legal framework, which recognizes three types of market, shows that the country is preparing to assume a leading role globally — and COP30 will be a milestone in this process.

This movement is already underway and is likely to intensify. Therefore, professionals need to develop what we call “carbon intelligence”: understanding the different models, recognizing opportunities and making strategic decisions based on qualified information.

COP30 serves as both a finish line and a starting point. It consolidates progress and launches new agendas. Understanding what is already happening and what is to come is a competitive advantage — and that is exactly what the course proposes.

Any other points you would like to highlight about the course?
Yes. Although the name of the course is Carbon and Agro Markets, it is much more comprehensive. Agro is intrinsically part of the carbon market and is present in many examples in the course, but the content was designed for professionals from any sector who want to understand in depth how this market works.

This course is aimed at those seeking solid training, updated and applicable content, with professors who actually work in the market and are experts in the subject. It offers a real transformation in the level of knowledge: participants enter with an overview and leave with a critical understanding, capable of analyzing scenarios, recognizing risks and opportunities and making well-founded decisions. Our goal is this: to develop a critical spirit and offer tools to act safely and autonomously in the carbon market.

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