Annual report           
Crop Season 2022:2023
Designed and operated by:
Supporting the supply of deforestation 
and conversion-free soy

2   RCF annual report: crop season 2022:2023
1.	
   Executive summary	
	
	
	
	
	
3
2.	
   The Responsible Commodities Facility	
	
	
	
5
   2.1	
   Context	
	
	
	
	
	
	
6
   2.2	
   Theory of change	
	
	
	
	
	
8
   2.3	
   The RCF Cerrado Programme approach	 	
	
	
9
3.	
   Results of the 2022-2023 crop season	 	
	
	
10
   3.1	
   Investors and capital raised	
	
	
	
	
11
   3.2	
   Location of farms selected	
	
	
	
	
13
   3.3	
   DCF soy crop yield and financial results	 	
	
	
14
   3.4	
   Environmental impact	 	
	
	
	
	
15
   3.5	
   Environmental impact statement	
	
	
	
16
4.	
   RCF structure and operational routine	
	
	
	
18
   4.1	
   Source of funds: Green CRAs	
	
	
	
	
19
   4.2	
   Operational routine	
	
	
	
	
	
20
   4.3	
   RCF Eligibility Criteria	
	
	
	
	
	
23
   4.4	
   Environmental Committee	
	
	
	
	
24
   4.5	
   Partnerships and endorsements	
	
	
	
25
   4.6	
   Management team and service providers	
	
	
26
Annex A   Monitoring methodologies used by SIM, BVRio and Earth Daily	
27
Annex B   Management Team	
	
	
	
	
	
32
Published May 2023
Contents

The Responsible Commodities Facility (RCF) is an initiative to support the 
production of deforestation and conversion-free (DCF) soy in the Brazilian Cerrado. 
Its approach is to provide financial incentives, in the form of low interest credit lines, for farmers that commit to the 
objectives of the programme.
The RCF Cerrado Programme 1 was a pilot phase for the RCF, launched in 2022 with investment from UK retailers 
Tesco, Sainsbury’s and Waitrose. Funds raised were loaned to farmers, soy was planted and harvested, and this 
report summarises the impacts of the Facility during this first crop cycle. 
3   RCF annual report: crop season 2022:2023
Global demand for soy production is driving significant deforestation,” said Susan Gardner, Director, Ecosystems 
Division at UN Environment Programme. “Practical financial solutions like the Responsible Commodities Facility 
incentivise farmers to decouple commodity production from deforestation and land conversion practices, leading 
to enhanced landscape restoration, climate mitigation, adaptation and biodiversity protection in line with the 
United Nations Sustainable Development Goals and the UN Decade on Ecosystem Restoration. A great example 
of how farmers can be effectively incentivized would be for all the companies that have signed up to the Cerrado 
Manifesto Statement of Support to materialise this commitment through funding this facility.”
Executive summary
1

Overview of impacts for year 1
32 
farms
Zero 
deforestation or 
conversion of any 
native vegetation
42,400 tonnes 
of vDCF soy 
produced in the 
main crop season
 
8,541 ha 
of native vegetation 
conserved in 
the Cerrado
2.90 MtCO2
carbon stocks in 
native vegetation 
protected by the RCF
27,000 tonnes 
of DCF maize and 3,200 
tonnes of DCF cotton 
produced in the winter 
crop (“safrinha”) preceding 
the soy planting season
2,145 ha 
of native vegetation 
conserved in excess 
of legal reserve 
requirement
0 t CO2 
emitted from land 
use change (0 t CO2/
t soy produced)
Zero
financial default 
on repayment 
of loans
4   RCF annual report: crop season 2022:2023

5   RCF annual report: crop season 2022:2023
The Responsible 
Commodities 
Facility
2

6   RCF annual report: crop season 2022:2023
2.1 Context 
Growing demand for soy globally is resulting in a continuous expansion of the area under cultivation in Brazil. 
This expansion has been identified as a major driver of deforestation, resulting in substantial destruction of natural 
habitats, loss of biodiversity and greenhouse gas emissions. The Amazon Soy Moratorium has significantly reduced 
deforestation in the Amazon, but this has resulted in leakage of deforestation and conversion activities to a species 
rich tropical savanna known as the Cerrado1. More than 50% of the native vegetation in the Cerrado has now been 
cleared and over the last decade in the Matopiba region, 0.5–0.8 Mha of soy has been planted on recently converted 
land each year2.
Demand-side calls to action such as the 2017 Cerrado Manifesto3 have raised the profile of the Cerrado amongst food 
retailers, food manufacturers and food service companies that have soy embedded in their products, and more recent 
initiatives such as the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC)4, Forest Positive Coalition of the 
Consumer Goods Forum5 and the UK and French Soy Manifestos, all share the objective of driving deforestation – 
and conversion-free (DCF) soy production in the region. Alongside this, in December 2022, the EU reached an 
agreement on a new law to prevent companies from placing commodities linked with deforestation and forest 
degradation onto the EU market, or exporting them from the EU, known as the EU Deforestation Regulation (EUDR). 
While the regulation initially only includes forests, thereby excluding much of the Cerrado, it is widely expected that 
‘other forested land’ will be included in the first update, and that this will bring the Cerrado under the regulation.   
1 	 Gibbs et al., 2015: Brazil’s Soy Moratorium. Supply-chain governance is needed to avoid deforestation. Science 347:6220. 
2	 Ermgassen, Erasmus KHJ, et al. (2020) “Using supply chain data to monitor zero deforestation commitments: an assessment of progress in the 
Brazilian soy sector.” Environmental Research Letters 15.3 (2020): 035003.  
3	 https://d3nehc6yl9qzo4.cloudfront.net/downloads/cerradomanifesto_september2017_atualizadooutubro.pdf
4 	https://www.tropicalforestalliance.org/en/collective-action-agenda/finance/ifacc/
5 	https://www.theconsumergoodsforum.com/environmental-sustainability/forest-positive/

7   RCF annual report: crop season 2022:2023
Other recent initiatives focus on reducing the carbon emissions of agricultural production. The Science Based Targets 
Initiative6 mobilizes the private sector to take urgent climate action by setting targets to reduce their carbon emissions. 
This includes a target for Scope 3 emissions, that is, emissions that a company is indirectly responsible for, up and down 
its value chain. For companies with soy embedded in their products, their Scope 3 emissions include those from land use 
change, crop production, transport and processing. Soy produced in the Cerrado biome has an average carbon footprint 
of 1.00 t t−1 (CO2 equivalent per tonnes of soy equivalent) with around half the emissions coming from land use change. 
Soy produced specifically in the Matopiba states (Maranhão, Tocantins, Piauí and Bahia) has an average carbon footprint 
of 2.32 t t -1, with over two-thirds of this due to land use change emissions7. When food sector companies come to 
including these emission factors in their Scope 3 calculations, the source of the soy becomes very significant. 
While there is growing demand for land to expand agricultural production, it is widely recognised that the expansion of 
agricultural production can happen without further clearing of native vegetation in the Cerrado8. 
In addition to the market signals and demand preferences for sustainability, there is a crucial requirement to 
create incentives to engage farmers in the production of DCF commodities. This is the rationale of the Responsible 
Commodities Facility (RCF).
6 	https://sciencebasedtargets.org/
7 	Escobar, N., Tizado, E. J., zu Ermgassen, E. K. H. J., Löfgren, P., Börner, J. and Godar, J. (2020). Spatially-explicit footprints of agricultural 
commodities: Mapping carbon emissions embodied in Brazil’s soy exports. Global Environmental Change, 62. 102067. https://doi.org/10.1016/j.
gloenvcha.2020.102067
8 	Strassburg, B. et al (2014). When enough should be enough: Improving the use of current agricultural lands could meet production demands and 
spare natural habitats in Brazil. Global Environmental Change. Elsevier, v. 28, pp. 84–97. DOI: 10.1016/j.gloenvcha.2014.06.001.

8   RCF annual report: crop season 2022:2023
2.2 The theory of change 
The overall outcome of the Responsible Commodities Facility is an increased trading of responsible commodities. 
By responsible we mean produced without deforestation or land conversion, in respect of human rights and 
landownership rights, and with wise use of agrichemicals. This is achieved through three main activities:
•	 Creation of supply, engaging producers committed to responsible production by provision of financial and trade 
incentives. This involves direct engagement with producers and the provision of incentives for responsible 
	 production – in the case of the RCF Cerrado Programme 1, in the form of low interest credit lines;
•	 Creation of demand, by engaging a coalition of buyers, retailers and consumer goods companies committed to 
adopting responsible supply chains. This is done by engaging soy buyers in investing in the RCF, and collaborating 
with initiatives such as the Innovative Finance for the Amazon, Cerrado and Chaco (IFACC), Forest Positive Coalition 
of the Consumer Goods Forum and the UK and French Soy Manifestos, and the UK Soy Retail Group;
•	 Improvement of trading flows of responsible commodities, by improving the connectivity between supply and 
demand and providing trading assistance. This is done by analysing soy supply chain infrastructure to better 
understand the trade flows of soy globally and by creating traceability mechanism to allow DCF soy to be tracked 
from farm to end user.   
Create financial incentives
Producers incentivised for 
responsible production
Increased supply
Increased trading of responsible commodities
Improved trade flows
Increased demand
Better connectivity between 
supply and demand
Buyers, retailers and consumers 
goods companies committed to 
adopting responsible supply chains
• Analyse supply chain 
infrastructure
• Create traceability mechanisms
• Provide trading assistance
•  Engage buyers, retailers and 
consumer goods companies
• Collaborate with supply 
chain initiatives

9   RCF annual report: crop season 2022:2023
2.3 The RCF Cerrado Programme Approach 
The first fund developed by the Responsible Commodities Facility, RCF Cerrado Programme 1, was designed to 
support the production of DCF soy by providing financial incentives to farmers that commit to zero deforestation and 
conversion in the Brazilian Cerrado. By engaging a wide coalition of actors promoting these markets, the objective 
of the RCF is to drive a significant increase in the demand and supply of responsible, legally-compliant commodities. 
This, in turn, should result in the reduction of deforestation and conversion, with resultant benefits in terms of carbon 
storage and biodiversity conservation.  
Incentives are given in the form of revolving low interest credit lines for crop finance: i.e. acquisition of agricultural 
inputs (seeds, fertilizers, chemicals) for soy cultivation. Loans are collateralised by soy production and once soy is 
harvested, they are repaid to investors and loans are renewed. 
The Facility is capitalized through the issuance of Green CRAs9 (a green bond-like instrument), issued in Brazil and 
subscribed by investors concerned with the impacts of soy deforestation and conversion on their supply chains. 
Producers involved with the Facility are screened based on the RCF’s eligibility criteria (Section 4.3). The operations 
of the Facility are reviewed by an Environmental Committee which provides advice on potential improvements to the 
Programme to maximize the environmental benefits of the Facility (Section 4.4). 
The combination of these measures should help accelerate the growth of responsible commodity production and 
trading, to reach the scale required to meet market demands and halt current environmental impacts. 
Given that implementation of this model is based on provision of debt finance, it has the potential to drive a sustained 
transformation of the sector on a landscape level, without long-term reliance on public and philanthropic resources.
9 	CRAs stand for Certificados de Recebíveis Agrícolas (Certificates of Receivables of the Agribusiness), a type of security widely used to finance the 
Brazilian agribusiness.

10   RCF annual report: crop season 2022:2023
Results of the 
2022-2023 
crop season
3

11   RCF annual report: crop season 2022:2023
 
3.1 Investors and capital raised 
Investors
The Responsible Commodities Facility (RCF) Cerrado Programme 1 was launched in August 2022. Through investment 
by UK retailers Tesco, Sainsbury’s and Waitrose, the RCF raised USD 11 million in the form of “Green CRAs” registered in 
the Vienna Stock Exchange. 
Ken Murphy, Tesco Group CEO said: 
We’ve been driving industry action on tackling deforestation for a number of years, including playing a leading role in 
the formation of the UK Soy Manifesto last year. We’ve also made a commitment that by 2025 we will only source 
soy from whole areas verified as deforestation-free. To help us meet this goal it’s vital we provide practical, financial 
support to farmers in Brazil committed to the production of zero deforestation soy and the conservation of native 
vegetation. This initiative highlights the need for the whole food industry to come together and support the protection 
of critical ecosystems like the Cerrado. We urge more businesses and organisations to join us in providing funding for 
the RCF, to aid its roll-out in future years.”
Simon Roberts, CEO at Sainsburys, said:  
During COP26, where Sainsbury’s was a principal supermarket partner, we signed the WWF Retailers’ Commitment 
for Nature, with a collective aim to halve the environmental impact of UK shopping baskets by 2030 and tackle 
deforestation, supporting our commitment to achieve 100% deforestation and conversion free supply chains by 
2025. To limit global warming to 1.5 degrees and achieve the goals set out in the Paris Climate Change Agreement, 
it is vital that we protect and restore forests and ecosystems such as the Cerrado in Brazil. It’s why we are proud to 
join forces with others to help fund the Responsible Commodities Facility, investing in the sustainable production of 
soy, using green finance to reward farmers for protecting wildlife and biodiversity in the Cerrado.”
James Bailey, Executive Director, Waitrose, said: 
We’re delighted to be one of the leading investors supporting this inaugural fund alongside Tesco and Sainsbury’s. 
Waitrose is committed to doing our part to protect and restore nature, and we have set a bold commitment to source 
all our key raw materials responsibly by 2025, including deforestation and conversion-free soy. The scale of the 
challenge to halt the loss of biodiverse ecosystems like the Brazilian Cerrado requires innovative new approaches. 
We hope this pilot fund will demonstrate the huge opportunity for green finance to incentivise responsible farming 
practices in a way that’s sustainable and scaleable, and which delivers tangible benefits to nature and farmers. 
However, to achieve this potential and protect whole biomes will require broader uptake, and I’d therefore appeal to 
fellow food sector businesses and to financial investors to join us in supporting this extremely important initiative.”

12   RCF annual report: crop season 2022:2023
Grants and sponsorship
RCF also received funding through sponsorship grants from the Good Energies Foundation, Barry Callebaut, as well as 
Tesco and Sainsbury’s as part of their involvement with the Forest Positive Coalition of the Consumer Goods Forum.

13   RCF annual report: crop season 2022:2023
3.2 Location of farms selected 
The RCF Cerrado Programme 1 financed 32 farms from 8 farming groups located in 13 municipalities in 3 states in the 
Cerrado. One farming group was located in the Amazon biome, as opposed to the Cerrado,  and their environmental 
impacts were not included in this report. Most of the farms (80%) were located in priority municipalities identified by 
TNC (see table of results).
Excess Native Vegetation
Soy
Soy
Legal Reserve

14   RCF annual report: crop season 2022:2023
3.3 DCF soy crop yield and financial results
Capital raised was used to acquire agricultural inputs to plant the 2022-2023 crop season. Harvesting took place 
in February-March 2023, yielding 42,400 tonnes of DCF soy.  All loans were repaid with no financial default on 
loan obligations. Loans were renewed in April 2023 for farmers to plant the 2023-2024 crop season.
Farmers were initially identified by Traive, based on their professional networks. Loans provided had interest rates ca. 
25% lower than the rates these farmers would obtain from other sources of finance.
Farm 
group
Municipalities
State
Total area of 
farms (ha)
Native 
vegetation 
conserved (ha)
Native vegetation 
in excess of legal 
requirement (ha)
Protection: 
Production 
Ratio (%)
Tonnes of 
DCF soy 
produced
1
Nova Mutum, Nobres
Mato Grosso
2,838
1,663
551
59%
4,230
2
Cocalinho
Mato Grosso
1,410
670
91
47%
2,530
3
Lucas do Rio Verde, 
Diamantino
Mato Grosso
6,848
3,081
623
45%
12,430
4
Santa Filomena
Piauí
1,149
384
106
33%
2,570
5
Água Boa, Jataí
Mato Grosso, 
Goiás
2,351
761
126
32%
5,440
6
Caiapônia, Doverlândia, 
Quirinópolis
Goiás
1,943
1,096
633
56%
2,545
7
Mineiros
Goiás
4,133
888
15
21%
12,655
Total
20,673
8,541
2,145
42%
42,400
Note 1: Brazilian legislation requires the conservation of native vegetation in at least 35% of a farm area in all the municipalities listed above, except for 
those in the Piauí and Goiás states, where the requirement is for 20% of the farm land.
Note 2: Native vegetation in excess of legal requirement is calculated taking into account whether the CARs have sufficient native vegetation to cover 
both legal reserves and APPs, as per article 15 of the Forest Code.
Note 3:  Protection: Production Area is the ratio between area protected and total area of the farms of a given farming group.

15   RCF annual report: crop season 2022:2023
3.4 Environmental impact 
No deforestation or conversion of native vegetation was 
observed in any of the farms included in the 
RCF Cerrado Programme 1.
Given that the main objective of the RCF is to provide financial 
incentives for farmers not to convert native vegetation (illegally 
or legally) for the expansion of soy cultivation areas. To achieve 
this objective, the portfolio of farm selected by the RCF had, 
in aggregate, a Protection:Production Ratio of 42%, i.e., 42% 
of their area covered with native vegetation – ca. 10.4% more 
than the forest cover legally required by Brazilian legislation. 
In order to participate in the RCF programme, landowners 
committed to forego their right to legally convert the remaining 
vegetation in their farms (in excess of legal minimum 
requirements). Participants in the programme were also required 
to adhere to other social and environmental requirements, 
as defined in RCF’s Eligibility Criteria10 (Section 4.3).
Monitoring of environmental obligations and impacts was 
conducted by SIM and BVRio’s teams, and independently 
verified by EarthDaily Agro (Section 4.2).
There was no conversion of native vegetation in any of 
the areas, and consequently there were no greenhouse 
gas emissions associated with land conversion in any of 
the farms included. All areas selected appeared to be in 
compliance with the Brazilian Forest Code and other relevant 
legislation. Our monitoring also found no use of excluded 
pesticides, no infringements of labour legislation, and no 
embargoes or infractions of environmental legislation in 
these farms since they joined the RCF. See Annex 1 for the 
monitoring methodology used. 
Soy from RCF producers meets the legality requirements of 
the EU Deforestation Regulation (EUDR)12  and contributes 
very little to the Scope 3 emissions of its buyers (0t t-1 
CO2 emissions from land use change). Once RCF farms are 
connected to the supply chains of its investors, they will be 
able to demonstrate deforestation and conversion free 
supply chains in compliance with the  EUDR and reduce their 
Scope 3 emissions. 
Average areas of native vegetation in RCF farms
30%
58%
12%
Legal reserves               Excess legal reserves               Soy
10  https://sim.finance/responsible-commodities-facility/#eligibility-criteria-modal
11   With relation to the upcoming EU Deforestation Regulation (EUDR), this still excludes most of the Cerrado from its scope, as the majority of 
vegetation in this biome is not classified as “forests”.  However, even if the scope of this regulation is expanded to include all Cerrado vegetation,  soy 
from RCF producers is expected to be in compliance with the regulation’s requirements.
12  Escobar, N., Tizado, E. J., zu Ermgassen, E. K. H. J., Löfgren, P., Börner, J. and Godar, J. (2020). Spatially-explicit footprints of agricultural commodities: 	
Mapping carbon emissions embodied in Brazil’s soy exports. Global Environmental Change, 62. 102067.
Average GHG emissions Brazilian soy (tCO2/t soy)
2.50
2.00
1.50
1.00
0.50
0.00
Average
Matopiba
Average
Cerrado
Average
RCF
Note: According to Escobar et al. 202012 , most soy shipped 
to the EU comes from the Matopiba region, where emissions 
are in average 2.3 tCO2/tonne of soy, compared with the 
RCF producers that have an estimated 0.5 tCO2 / tonne soy. 
Emission-data for a given year.
Land use e emissions               Other sources of emissions

16   RCF annual report: crop season 2022:2023
3.5 Environmental impact statements 
Results of the monitoring and verification activities were reported to the RCF Environmental Committee (Section 
4.4) that reviewed and assessed whether the methodologies used by the RCF Cerrado Programme 1 activities are 
appropriate. The Environmental Committee did not audit the impacts reported, but reviewed the information provided. 
An Environmental Impact Statement for the RCF Cerrado Programme as a whole is shown on page 17. Individual 
Environmental Impact Statements will be issued to each investor in the RCF, attributing the production and impacts 
generated by the Cerrado Programme pro rata to their financial contributions.

Environmental 
impact statement
Impact
Quantum
Amount of vDCF soy produced in the main crop season
42,400 tonnes
Number of farms involved
32 farms
Area of native vegetation conserved
8,541 ha
Area of native vegetation conserved in excess of legal requirement
2,145 ha of
Protection ratio (% area protected/total area financed)
42.1%
Area of native vegetation deforested or converted to other uses
0 ha
Carbon stocks maintained in forests protected by the RCF
2.9 MtCO2
GHG emissions from land use change (tCO2e / t soy produced)
0 tCO2e
Amount invested 	
US$ 11,000,000
The impacts listed above occurred during the crop season 2022 – 2023 and were monitored by SIM and 
Traive, and independently analysed by EarthDaily Agro. 
Methodologies used for impact assessment are reviewed by an Environmental Committee with the 
participation of The Nature Conservancy, UN Environment, WWF Brasil, Conservation International, 
Proforest, IPAM, and BVRio (secretariat). The Environmental Committee is not responsible for auditing 
impacts, but reviewing the information provided. 
Data monitored by:
Independently monitored by:
The RCF is a member of the Innovative Finance for the Amazon, Cerrado and Chaco initiative, and a landscape initiative of the 
Forest Positive Coalition of the Consumer Goods Forum
Crop season: 2022-2023
Harvest: Jan-Mar 2023

18   RCF annual report: crop season 2022:2023
RCF structure 
and operational 
routine
4

19   RCF annual report: crop season 2022:2023
4.1 Source of funds: Green CRAs 
The Facility was funded through the sale of USD-denominated green CRAs13, issued in Brazil and registered in the 
Vienna Stock Exchange. The CRAs were subscribed by investors (Tesco, Sainsbury’s, and Waitrose) and capital raised 
was sent to Brazil to be loaned to RCF farmers. Every loan was collateralized by Financial CPRs14 worth 110% of the 
loan value.
At the end of the harvest, loans were repaid, interest was paid to investors, and loans were renewed for the next crop 
season. All environmental impacts are monitored, independently verified, and reported to an Environmental Committee 
and investors.
The financial flows of the Facility are as shown below, and details of each operational steps described in the 
following sections:
13 	CRAs stand for Certificados de Recebíveis Agrícolas (Certificates of Receivables of the Agribusiness), a type of security widely used to finance the 
Brazilian agribusiness.
14 	CPR stands for Cédula de Produto Rural (Certificate of Agricultural Production), a type of promissory note widely used to document agribusiness credit 
transactions in Brazil.  It includes a lien on the future production, and can result in physical (CPR Física) or financial (CPR Financeira) settlement.
Investors
Producers
$ Investment
 (Green CRAs)
$ loan repayment
(interest)
Annual interest and
repayment of 
invested capital at 
the end of period
Monitoring
reports
Environmental
Committee
Monitoring
reports

20   RCF annual report: crop season 2022:2023
4.2 Operational routine 
Implementation of the RCF Cerrado Programme 1 involves a number of 
organisations (see section 4.6) that specialize in different activities in the 
process, involving both financial and environmental streams. Sustainable 
Investment Management (SIM) plays the role of ‘RCF Cerrado Programme 
Coordinator’, to ensure the adequate integration of both these streams, 
while management of the CRA issuance is done by Opea Securitizadora 
S.A (the Securitization Company). The operational routine of the RCF is 
described in the Securitization Instrument issued by Opea.
4.2.1. Environmental screening
Prior to their inclusion in the RCF, farms and producers interested in 
participating in the programme are assessed by SIM for compliance with 
the RCF’s Eligibility Criteria (see Section 4.3 and Annex 1).
In parallel, an independent analysis is conducted by EarthDaily Agro, 
a firm specialised in monitoring the agricultural sector. 
The initial screening looks for farming groups that have native vegetation in 
excess of legal requirements (called “excess legal reserves”) and have not 
converted any native vegetation since 1st January 2020.
Other requirements are listed in the eligibility criteria.
A list of farmers that meet these requirements, and have adequate credit 
rating, is submitted to the Environmental Committee, prior to inclusion in 
the RCF programme.
4.2.2. Credit analysis
Prior to their inclusion in the programme, all participating producers and 
farms are screened by Traive (the Credit and Monitoring Agent) using their 
credit analysis methodology. This includes analyses of indebtedness 
and debtors, receivables, pledges, total assets, revenue forecast, 
and historic performance. 
Based on the results of the credit analyses, a final portfolio allocation is 
defined ensuring geographic diversification, credit limits for each farmer, as 
well as average and maximum loan concentration parameters established 
by the Securitization Agreement. 
Once a final portfolio is defined, it is recommended to the Credit Committee, 
prior to proceeding with contracting for inclusion in the RCF programme.

21   RCF annual report: crop season 2022:2023
4.2.3. Collection of guarantees and contracting
Once confirmation is secured from the Credit Committee, the loan is documented 
in the form of a Financial CPR15. Each CPR includes a lien (in the form of a 
fiduciary alienation16) on the soy to be produced, for a value corresponding to 
110% of the full amount due by the producer at maturity. The CPRs also include the 
environmental obligations of farmers.
Each CPR is registered in the public notary of the farm’s municipality and deposited 
in the B3 Stock Exchange in Brazil. The collection of the CPRs and the formalization 
process is conducted by the Formalization Agent (Ace – Agriculture Collateral 
Experts Ltda).
4.2.4. CRA issuance and registration in Vienna Stock Exchange 
Once all CPRs and the respective guarantees are duly formalised, Opea Securitizadora 
issues the CRAs and register them in the Vienna Stock Exchange. 
Investors subscribe the CRAs and deposit the funds in a bank account managed by 
the Paying Agent (TMF). 
Farmers enter into offtake agreement with traders, for delivery of soy at harvest, and 
assign these agreements to the RCF to receive payment directly from the traders.
Funds are transferred to Brazil and paid into the bank accounts of farmers.
4.2.5. Monitoring and verification
During the crop season, farms are continuously monitored for crop development and 
deforestation and land conversion by both SIM and the third-party EarthDaily Agro 
(the Independent Monitoring Firm). See methodologies used by SIM and Earth Daily 
in Annex 1.
SIM’s analyses focus only on detecting any sign of conversion of native vegetation, 
using Landsat images taken at different times in the crop season. EarthDaily conducts 
an independent analysis of crop development and deforestation and land conversion 
activity using satellite images with 10 m resolution. Any sign of deforestation and land 
conversion and/or crop failure is reported immediately to the RCF (Opea), to determine 
ways of mitigating risks of environmental or financial underperformance.
SIM also monitors farms and farmers for infractions of other environmental legislation 
associated with their tax IDs (CNPJ/CPF), using BVRio’s Due Diligence & Risk 
Assessment System17 that continuously monitor 20 databases of compliance with 
different legislation. 
15 	CPR stands for Cédula de Produto Rural (Certificate of Agricultural Production), a type of promissory note widely used to document agrobusiness 
	
credit transactions in Brazil. It can result in physical (CPR Física) or financial (CPR Financeira) settlement.
16 	“Alienação Fiduciária”, a modality of lien that allows for an expeditious execution process widely adopted to guarantee agrobusiness credit 
	
transactions in Brazil.
17 	https://www.bvrio.com/madeira/analise/cadeiaCustodia/dashboardDueDiligence.do

22   RCF annual report: crop season 2022:2023
This system uses advanced analytics on a combination of real-time 
production data, consultation to external databases (SICAR, IBAMA, 
state environmental agencies, Ministry of Labour, etc.), documental 
and satellite imagery analyses (MapBiomas). This internal due diligence 
system was adapted from BVRio’s Due Diligence and Risk Assessment 
tools18 developed for the timber sector, which uses big data analysis 
and blockchain encryption19.
Infringements of labour legislation are monitored by SIM using the 
Brazilian Ministry of Labour and Social Security database of employers 
who breach legal requirements, including subjecting workers to 
conditions analogous to slavery20. With relation to agrochemicals, 
the agronomist responsible for each farm sends a list of the types of 
chemicals used, and a declaration that the products banned by the RCF 
were not used. 
Monitoring reports are made available to the Environmental Committee 
to review and assess compliance with the eligibility criteria and the 
environmental performance of the Programme and provide advice on 
potential improvements to maximise environmental benefits.
4.2.6. Harvesting, loan repayment and renewal
At the end of the crop cycle, soy is harvested and delivered at the 
location defined in the offtake agreements with soy traders. Traders 
pay directly to the RCF for the soy delivered. 
RCF uses proceeds to repay interest and/or principal back to investors 
and the balance is returned to producers.
Loans are renewed for farmers that continue to comply with the 
requirements of the RCF.
18 	www.bvrio.org/timber.
19 	See BVRio, 2016: Using big data to detect illegality in the tropical timber sector. www.bvrio.org/publicacoes/   
20 	https://www.gov.br/trabalho-e-previdencia/pt-br/composicao/orgaos-especificos/secretaria-de-trabalho/inspecao/areas-de-atuacao/cadastro_de_
empregadores.pdf

23   RCF annual report: crop season 2022:2023
4.3 RCF eligibility criteria 
Farmers must meet the RCF Eligibility Criteria to be able to join the 
programme. Eligibility Criteria for the RCF Cerrado Programme 1 are:
a) Criteria related to the area of cultivation:
Land use – the area of cultivation must comply with the following 
conditions:
   i)	 The cultivated area to be financed must have been deforested 
before January 1, 2020; and 
   ii)	 as long as the Producer participates in the Programme, there 
	
should be no opening of new areas of native vegetation in the 
Programme Area. 
Compliance with the Forest Code:
   i)	 Farmland must be registered with the Cadastro Ambiental Rural (CAR) 
   ii)	 The farm area must not overlap with conservation units, indigenous 
reservations, and community lands (including quilombos)
   iii)	 The farm must contain and maintain the required areas of Legal 
Reserve, Areas of Permanent Protection (APPs) and any excess of 
native vegetation, determined by the Forest Code or have formally 
adhered to a Programme of Environmental Regularization (PRA) 
established by the state environmental agency.
b) Criteria related to the Farmer
Land title: Farmers must have unquestionable right to use the land, be it 
as land title, land lease agreement or another legally recognised form of 
land tenure (e.g., ‘posse’).
Legal compliance: Farmers must demonstrate that they and their farms 
do not contravene any environmental or legal requirements, such as:
   i)	 environmental embargoes,
   ii)	 labour legislation (including slave and child labour),
   iii)	 Soy Moratorium (if applicable), and
   iv)	 internationally accepted rules for the use of agrochemicals.
In addition, farmers must follow the Environmental & Social Framework 
developed with UN Environment Programme to ensure that they 
support the objectives of the Facility, and also contribute to a number of 
the Sustainable Development Goals (SDGs), Brazil’s National Biodiversity 
Strategy and Action Plan (NBSAP), Brazil’s National Determined 
Contribution (NDC) to Paris Agreement of the United Nations Framework 
Convention on Climate Change (UNFCCC), as well as several relevant 
industry initiatives21.  
21 	I.e., Soy Working Group (Grupo de Trabalho da Soja – GTS); Cerrado Working Group (Grupo de Trabalho do Cerrado – GTC); Cerrado Manifesto (including 
the Statement of Support); Collaboration for Forests and Agriculture (CFA); Tropical Forest Alliance 2020 (TFA 2020); Consumer Goods Forum (CGF); 
Amsterdam Declaration Partnership.
Percentage of Legal Reserve 
required by the Forest Code

24   RCF annual report: crop season 2022:2023
4.4 Environmental Committee 
The Environmental Committee plays an advisory role to the RCF, reviewing and assessing whether the operations of 
the Facility comply with the Eligibility Criteria, using internal monitoring reports and independent audits, and identifying 
potential improvements to the Facility to enhance environmental impact.
The following organisations participate in the committee, and the secretariat is conducted by BVRio.
The Nature Conservancy’s Director of Agriculture Finance, Greg Fishbein: 
RCF will create tangible climate and biodiversity impacts by offering farmers who can legally clear their forests a clear 
financial incentive not to do so. This is exactly the type of mechanism we envisioned when we created IFACC – one 
that can leverage commercial finance to support farmers in their transition to climate-friendly production models.”

25   RCF annual report: crop season 2022:2023
4.5 Partnerships and endorsements 
The development and implementation of the RCF counted with the support of many organisations, as follows:
The RCF is proud to have 
been selected as Green Bond 
of the Year by Environmental 
Finance Magazine.

26   RCF annual report: crop season 2022:2023
4.6 Management team and service providers 
The following organisations were involved in the implementation of the RCF Cerrado Programme 1: 
Programme Coordinator 
Credit and Risk Managers	
	
Legal Counsel
Custodian
Independent Verification
Registration Agent
Securitisation Company 	
Trustee (Fiduciary Agent)
Legal Opinion
Judicial Collection
Secretariat of Environmental Committee
Paying Agents

27   RCF annual report: crop season 2022:2023
Monitoring 
methodologies 
used by SIM, BVRio 
and Earth Daily
Annex A

28   RCF annual report: crop season 2022:2023
A.1 Internal monitoring conducted by SIM and BVRio 
The teams of SIM and BVRio are responsible for screening farmers and farms for compliance with the eligibility criteria 
throughout the programme cycle. 
At the pre-contract stage, SIM-BVRio conduct the following analysis:
•	 spatial analysis of farms selected to identify deforestation or conversion of native vegetation since 2008 and after 
2020 using ArcGIS and Landsat images taken at different times in the crop season;
•	 location of the farm with relation to vegetation type and biome;
•	 determination of areas of native vegetation, cleared areas and areas of crop cultivation; 
•	 potential overlaps with indigenous, community or quilombola lands;
•	 potential overlaps with conservation areas;
•	 verification of possible infractions of other environmental legislation associated with farmer’s tax IDs (CNPJ/
CPF), using BVRio’s Due Diligence & Risk Assessment System22 that continuously monitor 20 databases of 
compliance with different legislation. This system uses advanced analytics on a combination of real-time production 
data, consultation to external databases (SICAR, IBAMA, state environmental agencies, Ministry of Labour, etc.), 
documental and satellite imagery analyses (MapBiomas). This internal due diligence system was adapted from 
BVRio’s Due Diligence and Risk Assessment tools23 developed for the timber sector, which uses big data analysis 
and blockchain encryption24.
•	 Infringements of labour legislation are monitored by SIM using the Brazilian Ministry of Labour and Social 
	 Security database of employers who breach legal requirements, including subjecting workers to conditions 
analogous to slavery25.  
22 	https://www.bvrio.com/madeira/analise/cadeiaCustodia/dashboardDueDiligence.do
23 www.bvrio.org/timber.
24 See BVRio, 2016: Using big data to detect illegality in the tropical timber sector. www.bvrio.org/publicacoes/   
25 https://www.gov.br/trabalho-e-previdencia/pt-br/composicao/orgaos-especificos/secretaria-de-trabalho/inspecao/areas-de-atuacao/cadastro_de_
empregadores.pdf

29   RCF annual report: crop season 2022:2023
Determination of compliance with the Forest Code is a particularly challenging task, given that there is no official 
confirmation provided by government authorities and the data reported in the CAR is self-declared and not validated 
by the relevant environmental agencies. 
For this reason, SIM conducts its own analyses to determine likelihood of compliance, based on the amount of native 
vegetation observed in the CARs and whether this satisfies the theoretical requirements of the law. All this analysis is 
conducted using satellite imagery.
SIM’s analysis takes into account the data self-declared in SICAR.  However, the quality of declarations is highly varied, 
and it is often the case that the numbers declared do not match the areas in the polygons drawn in SICAR, or the 
boundaries and locations of legal reserves and APPs are incorrect or inappropriate, requiring case by case interpretation. 
The process of determination of legal reserve compliance starts with the area of native vegetation observed within 
the polygon declared in SICAR. If this area is sufficient for the requirements of the law for the Legal Reserve 
(20% or 35%, for the Cerrado areas of the RCF), the farm is considered preliminary compliant with this requirement, 
pending analysis of APPs.
For the calculation of APPs, SIM used the number self-declared in the CARs, both in figures and in the polygons drawn 
in the CARs. The area declared and the area drawn in the map are often different. In case of discrepancies, when the 
visual and GIS analysis provided a clear delineation of the APP area, these results were used. Otherwise, we considered 
the highest figures. 
If farms contain sufficient area of native vegetation to include both legal reserves and APPs, compliance with these 
two categories is considered satisfied and any remaining native vegetation is considered “excess legal reserve”. If 
farms do not contain native vegetation to include both legal reserves and APPs, the APPs are considered part of the 
legal reserves, as per Article 15 of the Code. 
The analysis of native vegetation was based on groups of CARs that, in aggregate, satisfied the spatial requirements 
of the Forest Code. This is particularly relevant as, in many cases, these CARs were originally part of a single farm 
in a estate that was segmented during generational transfers. In some cases, this may create situations where the 
individual CAR is not in compliance with the vegetation requirements of the Code, and the landowner has to enter 
into a PRA to rectify it. In these cases, considering that during the rectification process the native vegetation of the 
farm would be below the legal requirements, SIM requires the farmer to submit additional areas of native vegetation 
to the protection of the RCF. So, without prejudice to the correction measures to be taken under the Forest Code 
requirements, the total area of native vegetation protected by the RCF is not affected.
Throughout the crop season, SIM relies on Earth Daily’s monitoring reports that provide early warning of any factor that 
could potentially affect the financial and environmental objectives of the Cerrado Programme (see next section).

30   RCF annual report: crop season 2022:2023
At the end of the crop season, BVRio repeats some of the analyses listed above to define whether farmers remain 
eligible for participation with the RCF Cerrado Programme and whether there were any indication of deforestation or 
infringement of other eligibility criteria.
With relation to agrochemicals, the agronomist responsible for each farm sends a list of the types of chemicals used 
(receituários agronômicos), and a declaration that the products banned by the RCF were not used. 
A final crop season monitoring report is prepared for appreciation by the Environmental Committee. The Environmental 
Committee is not responsible for auditing impacts, but reviewing the information provided.
A.2  Independent monitoring conducted by Earth Daily 
In parallel to the monitoring conducted by SIM-BVRio, a separate analysis is conducted by Earth Daily Agro (https://
earthdaily.com), a data and analytics company providing data services, satellite processing, machine learning and 
actionable insights to customers to track long-term trends, monitor change, and take guided, strategic actions. From 
2024, EarthDaily will offer to RCF the world’s first earth observation system designed from the ground-up to produce 
scientific-quality imagery of the entire earth every day, based on its own constellation of satellites.
At the pre-contract stage, Earth Daily is given a list of CARs of potential participants in the RCF and provide the 
following analysis:
•	 Spatial analysis of farms selected to identify deforestation and conversion of native vegetation since 2008 and      	
after 2020;
•	 satellite images of each individual farm selected;
•	 location of the farm with relation to vegetation type and biome;
•	 areas of native vegetation, cleared areas and areas of crop cultivation; 
•	 potential overlaps with indigenous, community or quilombola lands;
•	 potential overlaps with conservation areas;
•	 verification of possible infractions of Brazilian legislation (environmental, social, criminal) associated with each 
farming company and/or individual, based on analysis of governmental databases;
•	 historic series of crop performance and crop failure, going back at least 5 years;
•	 a risk assessment of future crop performance.
Throughout the crop season, Earth Daily continuously monitors the development of the crop and provide bi-weekly 
reports on:
•	 emergence of planted crops and comparison with historic performance;
•	 development of the crop and comparison with historic performance;
•	 any indications of factors affecting crop development and yield, including droughts, pests, diseases, or fire;
•	 expected harvesting date;
•	 evolution of harvesting activity;
•	 real time deforestation and conversion alerts.

31   RCF annual report: crop season 2022:2023
The objective of this monitoring activity is to provide early warning of any factor that could potentially affect the 
financial and environmental objectives of the RCF Cerrado Programme. 
At the end of the crop season, Earth Daily provides a report with the following information: 
•	 recent satellite images of each individual farm selected;
•	 spatial analysis of indications of deforestation or conversion of native vegetation since the previous analyses, when 
farms joined the RCF Cerrado Programme;
•	 location of the farm with relation to vegetation type and biome;
•	 estimates of soy harvested; 
•	 repeated verification of possible infractions of Brazilian legislation (environmental, social, criminal) associated with 
each farming company and/or individual, based on analysis of governmental databases.
Once the winter crop (“safrinha”) is planted, the same analysis of crop development, harvesting and deforestation/
conversion alerts are repeated.

32   RCF annual report: crop season 2022:2023
Management 
Team
Annex B

33   RCF annual report: crop season 2022:2023
Implementation of the RCF Cerrado Programme involves a number of organisations 
(see section 4.6) that specialize in different activities in the process, involving both 
financial and environmental streams. Sustainable Investment Management (SIM) 
plays the role of ‘RCF Cerrado Programme Coordinator’, to ensure the adequate 
integration of both these streams. The management of the CRA issuance is done by 
Opea Securitizadora S.A (the Securitization Company). Traive is responsible for the 
credit risk analysis of the producers and subsequent credit risk monitoring.
B.1 Sustainable Investment Management (coordinator)
Sustainable Investment Management Ltd (SIM) is a boutique environmental finance advisory firm incorporated in 2018. 
SIM’s objective is to promote the financing of activities that result in positive environmental impacts worldwide.
At SIM, we have witnessed first-hand the immense potential of combining private and public capital toward achieving 
targeted environmental goals. We also know from experience that pursuing “green” investments and seeking attractive 
financial returns are not mutually exclusive.
Our vision is to create a double bottom-line global investment firm to mobilize capital for actionable sustainable 
development. We do this by connecting investors seeking positive environmental change with credible businesses and 
implementable projects that have a direct and immediate environmental impact.
Our aim is that our financial mechanisms can have a disruptive effect at scale, helping to inflict change at sector or 
landscape level.
SIM works in four different sectors:
•	 Sustainable agriculture
•	 Sustainable forest and conservation finance
•	 Greenhouse gases (GHG)
•	 Waste management and the circular economy

34   RCF annual report: crop season 2022:2023
SIM’s senior management team is: 
Pedro Moura Costa, Founder and CEO, UK 
Pedro has over 25 years’ experience in the forestry, climate and environment sector. 
As well as co-founding SIM, he is also co-founder and director of BVRio Environmental 
Exchange, and co-founder and former President of EcoSecurities Group Plc., the world 
leader in greenhouse gas mitigation and carbon trading. Pedro has authored over 100 
publications including the Intergovernmental Panel on Climate Change (IPCC) reports that 
were awarded the 2007 Nobel Peace Prize. He has a PhD from University of London.
Mauricio Moura Costa, Founder and COO, Brazil 
Mauricio has over 25 years’ experience in commercial and financial law, M&A, banking 
and finance, capital markets and general contracting. He is co-founder and director of 
BVRio Environmental Exchange and was formerly country director of EcoSecurities 
Group Plc. Brazil and managing partner of international law firms in Brazil (São Paulo) 
and Portugal (Lisbon). Mauricio has a doctorate in Economic Law from Université de 
Paris II (Panthéon-Sorbonne).
Grace Blackham, Head of ESG and Compliance 
Grace has over 15 years’ experience in tropical ecology, project management, 
sustainable land use practices and policy, and financial and environmental compliance. 
Grace has a MSc from Oxford Brookes University and a PhD in Tropical Forest Ecology 
from the National University of Singapore. She has worked on a variety of land use and 
forestry projects in Southeast Asia, Africa and Latin America.
Arnaldo Carneiro, VP Environment 
Arnaldo has over 30 years’ experience in land use dynamics. He led the creation of 
the Territorial Intelligence Nucleus of the Brazilian Presidency, is a former director of 
Agroicone and was senior researcher at the Amazon Research Institute (INPA). He also 
coordinated strategy on soy supply chain for Global Canopy and Trase (trase.earth). 
Arnaldo is a PhD from the University of Strasbourg, France and a post-doctorate at the 
University of Wageningen, (Netherlands). 
Steven Ripley, Director, Investment Engagement 
Steven has spent his entire professional career (20+ years) working towards creating 
value for forests. He’s held positions with the United Nations, Global Canopy, IDH 
Sustainable Trade Initiative and Tesco, as well as a decade working for software firms 
developing commodity traceability systems. Steven holds a Masters in International 
Environmental Law and a Bachelors in Environmental Science.

35   RCF annual report: crop season 2022:2023
B.2 OPEA Securitizadora (Securitization Company)
Opea is a pioneering securitization platform in Brazil. It provides, in an agile and transparent manner, services within the 
regulated securitization market, such as: Issuance of securities, portfolio management, billing process, paying agent, 
etc. Opea’s solutions and services have supported companies within a variety of industries, especially real estate and 
agribusiness, to access alternative sources of funds in the Brazilian capital markets.  
With 22 years of experience, Opea has issued more than 600 series of receivables certificates (CRI – Real Estate 
and CRA – Agribusiness), financial debentures and receivables investment funds, totaling more than R$102 billion. 
Opea works closely with the main agents in the Brazilian capital markets, such as investment banks, institutional 
investors, independent originators, paying agents, regulator, clearing house, etc., in order to coordinate the issuance 
process and its closing. 
Since 2021, Opea has become an independent company, been part of Jaguar Growth Partners (JGP) investment’s 
portfolio. JGP is an American private equity’s firm.
Opea senior management team: 
Flavia Palacios – CEO  
More than 25 years of experience within the financial sector, Palacios holds a degree 
in Economics from the Federal University of Rio de Janeiro and an MBA in Finance 
from IBMEC Business School. As the CEO of Opea, she is responsible for leading 
the company’s strategy, developing partnerships, and overseeing the day-to-day 
operations. Under her leadership, Opea has become a leading player in the securitization 
market, with a proven track record of delivering innovative solutions to its clients.
Marcelo Leitão – CSO
Marcelo Leitão is a financial expert and the head of securitization at Opea Capital. With 
over 20 years of experience in the finance industry, Marcelo oversees the securitization 
of various types of assets, including real estate, receivables, and infrastructure projects. 
His expertise in structuring complex financial transactions has led to the successful 
closing of numerous deals, making Opea Capital one of the top players in 
the securitization market in Brazil.
Renato Barros – Head of agribusiness
Renato Barros is a seasoned executive with over two decades of experience in 
agribusiness. He currently serves as the Head of Agribusiness at Opea Capital, an 
investment firm focused on the agricultural sector. Renato has a deep understanding of 
the challenges facing farmers and ag-related businesses, and his expertise is critical to 
the firm’s success.

36   RCF annual report: crop season 2022:2023
Thiago Faria Silveira – Head of Fiduciary Management  
Thiago Faria is the Head of Fiduciary Management at Opea who has a remarkable track 
record of managing and analyzing portfolios. He is known for his keen analytical skills and 
in-depth knowledge of the financial markets. Thiago has a vast experience in the financial 
industry and has held key positions in several organizations before joining Opea.
Rodrigo Shyton – Head of Credit Services
Rodrigo Shyton is the Head of Credit Services at Opea Capital, a finance professional 
with a focus on credit. He is known for his expertise in credit analysis and risk 
management. Prior to joining Opea Capital, he worked at several other financial 
institutions, honing his skills in credit analysis and underwriting.
Anderson Pereira - Services Coordinator
As a Services Coordinator, Anderson is responsible for overseeing the day-to-day 
operations of the company’s service department. Anderson has a strong background 
in customer service and operations management, with experience working in various 
industries prior to joining Opea Capital.

37   RCF annual report: crop season 2022:2023
B.3 Traive (Credit and risk manager)
Traive™ is an open financial platform that connects the entire agricultural chain to the capital market using data and an 
innovative financial solution, eliminating uncertainties, increasing operational efficiency, and lowering costs in a timely 
and sustainable manner. Traive provides all agricultural credit management services and connections in one place, from 
order to payment.
Traive’s vision is to create financial solutions for both lenders and borrowers so that everyone in the agricultural sector 
can prosper.
Traive’s mission is to revolutionize the Brazilian agricultural financial sector through data technologies and financial connections.
Traive senior management team: 
Fabricio Pezente  is a co-founder and the CEO of Traive. He worked for 12 years 
in investment banking, where he led a quantitative modeling group as an expert in 
financial asset pricing. Fabricio attended Escola Politécnica da USP in Brazil for his 
Bachelor’s degree and the MIT Sloan School of Management for his MBA. At Traive, 
he is bringing the technologies that are disrupting financial services to the agriculture 
industry.
 
Luis Lapo is the Risk Chief Officer of Traive. He has 15 years of experience in financial 
markets and risk management. Luis Lapo attended Universidade Estadual de Campinas 
(UNICAMP) for his Bachelor’s degree in agricultural engineering. At Traive he offers a 
unique, fair, and live credit risk assessment to farmers, cooperatives, input suppliers and 
agricultural industries. 
 
Rafael Arruda is Credit Risk Coordinator at Traive. Rafael attended UNICAMP for his 
Bachelor’s degree in agricultural engineering. Worked in Agribusiness Credit in inputs 
distributors, structured operations, credit policy structuring, implementation of systems 
for credit assessment and portfolio management. At Traive, he has been working with 
Structured Finance and credit assessment. Actively collaborated with the first Green 
CRA operation in Brazil certified by CBI. Also, working on the relationship with clients, 
partners and product development SME. 
 
Antonio Hildenberg is Credit Risk and Structure Finance Coordinator at Traive. Antonio 
attended Brasilia Federal University (UNB) for his Bachelor’s degree in Civil Engineering. 
Since the beginning of his career, his experience was dedicated to credit risk 
assessments, securitization and credit facilities structuring, working in the past 4 years 
at Santander Wholesale Credit Risk department and at Traive, both experience covered 
agriculture companies and farmers in the Brazilian market.

38   RCF annual report: crop season 2022:2023
B.4 BVRio (Secretariat Environmental Committee)
Founded in 2011, BVRio (Bolsa Verde do Rio de Janeiro – Environmental Exchange of Rio de Janeiro) is a non-profit 
organization working at the intersection of economic, environmental and social sustainability. BVRio was originally 
created with the objective of developing market mechanisms to facilitate compliance with Brazilian environmental laws. 
The models and approaches developed there have now been adapted to develop market mechanisms, economic tools, 
and support the development and implementation of environmental initiatives and markets in different countries and 
regions worldwide.
BVRio’s operations are overseen by a board of directors and an audit committee made up of members from business, 
NGOs and academia and individuals.
BVRio works to deliver positive impacts for the economy, environment and people through work focusing on:
•	 Sustainable land-use, agriculture, and forests
•	 Waste management in support of the circular economy
•	 Climate change and the bioeconomy
BVRio acts as the Secretariat of the Responsible Commodities Facility Environmental Committee and is involved in the 
processes of monitoring farmer compliance with the eligibility criteria of the fund.  
BVRio is represented by: 
Beto Mesquita, an experienced forest engineer, Beto is Doctor of Environmental and 
Forestry Sciences and Director of Policies and Institutional Relations for BVRio. He is 
responsible for liaising with partners and representing institutions in various forums and 
managing projects and initiatives in the areas of forest, sustainable production and 
public policies.
 
Theresa Rocco Pereira Barbosa, Theresa is experienced in Spatial Data Analytics and 
Mapping – Modelling of Tropical Natural Resources and Land Cover. She is a geologist, 
and has a MSc from Santa Maria Federal University in Soil Science and a MBA in Progress 
in Data Science and Analytics from Esalq-USP.
 
Lucy Cox, Lucy has over 20 years corporate communications and Public Relations 
experience latterly within the environment sector. Lucy is responsible for SIM 
communication channels and activities and is the media contact.

sim.finance/responsible-commodities-facility