Title:	A utilização de derivativos climáticos e sua aplicabilidade como ferramenta de gerenciamento de risco no agronegócio brasileiro
Authors:	Passos, Stéphanie Cristina Garcia Trapp
Orientador(es)::	Fernandes, Bruno Vinícius Ramos
Assunto::	Agronegócio - Brasil Gestão de riscos Temperatura Riscos climáticos
Issue Date:	29-Aug-2024
Data de defesa::	18-Sep-2023
Citation:	PASSOS, Stéphanie Cristina Garcia Trapp. A utilização de derivativos climáticos e sua aplicabilidade como ferramenta de gerenciamento de risco no agronegócio brasileiro. 2023. 60 f., il. Dissertação (Mestrado em Ciências Contábeis) — Universidade de Brasília, Brasília, 2023.
Abstract:	The weather is a variable that is difficult to predict and can result in significant operational losses in various sectors of the economy. Typically, climate risk is seen as hard to mitigate, with weather stations being the main tool for monitoring. However, in 1990s, a derivative instrument focusing on climate factors such as temperature, precipitation, wind, or vegetation emerged in the United States. Thus, climate derivatives emerged as a potential financial solution for these eventual losses. Unlike insurance, which is triggered in major catastrophic events that result in losses, climate derivatives triggers through milder climate change that may impact the production. For example, in the case of agriculture, a producer may not have a natural disaster to trigger insurance coverage, but their Harvest may be affected by prolonged periods of low temperatures, resulting in reduced productivity. Many discussions about this type of products occurs in the international academic community. However, in Brazil, academic research focused on climate derivatives is still in its early stages, despite the country’s main economic activities being highly vulnerable to climate variability. Thus, this study aimed to evaluate the possible applicability of climate derivatives in the Brazilian agriculture segment. Through a research, its conclusion was that no trading occurs in the country. This confirmation was based on a qualitative analysis of the explanatory notes of the main companies in the “Novo Mercado” on B3, in order to answer the following questions: (i) whether companies use derivatives for hedging and which instruments; (ii) whether they use climate derivatives; (iii) if they a perception about the impact of climate risks on their activities. It was concluded that companies use a great variaty of derivative instruments for protection but do not employ weather derivatives. However, some sectors, particularly agriculture and energy, acknowledged the significant impacts of climate risks. Therefore, the second part of the study aimed to analyze the potential applicability of climate derivatives in Brazillian agriculture. For this purpose, the five largest producers of each region of Brazil were selected for the country’s three main crops: soybean, corn and sugarcane. Climate derivatives with temperature índices were chosen, such as heating degree day – HDD and cooling degree day – DD, since they are the most discussed academically. For comparative purposes, a simulation was conducted comparing the revenue of a produccer who does not use the contract Against the revenue of a producer applying the contract. The results showed that there is indeed a gain from using derivative instruments depending on the region and commodity. It was concluded that the Northern and northeastern regions had fewer climate changes compared to the central west, southeast and Southern regions, with the last two of them experiencing higher HDD. Therefore, the study suggests that the application of climate derivative contracts is more eficient in locations with higher HDD/CDD índices and depending on the production volume and biological characteristics of the crop, such as the ideal temperature range for the commodity.
metadata.dc.description.unidade:	Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas (FACE) Departamento de Ciências Contábeis e Atuariais (FACE CCA)
Description:	Dissertação (mestrado) — Universidade de Brasília, Faculdade de Economia, Administração, Contabilidade e Gestão de Políticas Públicas, Departamento de Ciências Contábeis e Atuariais, Programa de Pós-Graduação em Ciências Contábeis, 2023.
metadata.dc.description.ppg:	Programa de Pós-Graduação em Ciências Contábeis
Licença::	A concessão da licença deste item refere-se ao termo de autorização impresso assinado pelo autor com as seguintes condições: Na qualidade de titular dos direitos de autor da publicação, autorizo a Universidade de Brasília e o IBICT a disponibilizar por meio dos sites www.unb.br, www.ibict.br, www.ndltd.org sem ressarcimento dos direitos autorais, de acordo com a Lei nº 9610/98, o texto integral da obra supracitada, conforme permissões assinaladas, para fins de leitura, impressão e/ou download, a título de divulgação da produção científica brasileira, a partir desta data.
Agência financiadora:	Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES) e Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)
Appears in Collections:	Teses, dissertações e produtos pós-doutorado

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