{"id":893,"date":"2026-01-19T00:47:22","date_gmt":"2026-01-19T00:47:22","guid":{"rendered":"http:\/\/iustitia.com.br\/en\/?page_id=893"},"modified":"2026-01-19T00:47:22","modified_gmt":"2026-01-19T00:47:22","slug":"empresas-ligadas-ao-caso-master-utilizam-terras-publicas-da-uniao-para-gerar-r-45-bilhoes-em-creditos-de-carbono","status":"publish","type":"page","link":"https:\/\/iustitia.com.br\/en\/?page_id=893","title":{"rendered":"Companies linked to the Master case use federal public lands to generate R$45 billion in carbon credits"},"content":{"rendered":"<div class=\"wp-block-image\"><figure><img decoding=\"async\" src=\"https:\/\/sinapsees.com\/img\/sites\/41566-3.png\" alt=\"\" style=\"width:100%\"><figcaption>Banco Master<\/figcaption><\/figure><\/div><hr><\/p><p class=\"wp-block-paragraph\">\r\n\t<a href='http:\/\/iustitia.com.br\/en\"s=banco master'>#Banco Master<\/a><\/p><p><\/p><p>\r\n\t<!-- audio --><\/p><p>\r\n<button onclick=\"this.nextElementSibling.play()\" style=\"padding:12px 25px; font-size:18px; border:none; border-radius:8px; cursor:pointer;\">Listen<\/button><audio src=\"https:\/\/sinapsees.com\/audios\/41567-eng.mp3\" preload=\"none\"><\/audio><\/p><p>\r\n\t<strong>Two companies at the center of the investigations involving Banco Master have achieved a combined valuation exceeding R$45<\/strong><\/p><p>5 billion.<\/p><p>\r\nThis billion-dollar fortune was built on millions of so-called &#8220;carbon stock credits,&#8221; which allegedly originate from a vast area of &#8220;&#8221;the Amazon rainforest.\r\n<\/p><p>\r\nThe problem is that this land, approximately 144,000 hectares and located in the municipality of Apu\u00c3\u00ad, Amazonas, belongs to the Federal Government and has been officially designated for an agrarian reform settlement project since the 1980s.<\/p><p>\r\nBy law, public areas of this type cannot be used to generate private economic benefits, such as the creation of these credits.\r\n<\/p><p>\r\nThe companies in question are Golden Green and Global Carbon.<\/p><p>\r\nBoth are controlled by investment funds managed by Reag, a management company that is being investigated by the Federal Police in operations that are investigating suspected money laundering, including possible links to organized crime.\r\n<\/p><p>\r\nThe mechanism worked as follows: a carbon inventory was conducted in the area by researchers from Unesp (S\u00c3\u00a3o Paulo State University), who estimated a stock of approximately 169 million tons of CO<sub>2<\/sub> in the forest.<\/p><p>\r\nBased on this estimate, the companies created &#8220;carbon stock credit&#8221; units and assigned increasing values &#8220;&#8221;to them over the years.\r\n<\/p><p>\r\nAudits carried out by large international companies, such as Ernst &#038; Young, PwC, and Crowe, approved these calculations and value updates, progressively increasing the declared assets.<\/p><p>\r\nAt some points, each unit was valued at almost R$ 200.<\/p><p>\r\nWith tens of millions of units, the total numbers exploded: Golden Green was worth more than R$ 14 billion, while Global Carbon, which started in 2020 with a share capital of only R$ 100, reached R$ 31 billion in 2024.\r\n<\/p><p>\r\nHowever, these credits do not actually exist in the real market.<\/p><p>\r\nGenuine carbon credits require effective and proven emission reductions, certification by internationally recognized programs, and, most importantly, real transactions.<\/p><p>\r\nIn the case of these companies, it is merely an internal estimate of preserved carbon stock, without any proof of sale or real economic backing.<\/p><p>\r\nThey used instruments such as Rural Product Certificates (CPRs) registered even in offices abroad to give the appearance of security to the numbers.\r\n<\/p><p>\r\nThe National Institute for Colonization and Agrarian Reform (Incra) confirmed that the area is public and exclusively intended for agrarian reform.<\/p><p>\r\nAccording to the agency, any attempt to trade carbon assets based on this forest is irregular and causes harm to the Union.<\/p><p>\r\nIncra has already adopted administrative measures and is preparing legal actions to combat the situation.\r\n<\/p><p>\r\nThe Apu\u00c3\u00ad region, in southern Amazonas, is known for the advance of deforestation and the practice of land grabbing, which makes the use of its forest as a basis for a business of this size even more questionable.\r\n<\/p><p>\r\nThe companies and funds involved are part of the complex financial network being investigated in the Master case, although the defense of the main figure linked to the bank claims that he is not directly a shareholder, manager, or administrator of these companies.\r\n<\/p><p>\r\nIn short, the case reveals how internal carbon estimates on land that could not be used for this purpose were transformed, through audits and creative accounting, into an apparent fortune of tens of billions of reais-a scheme that now faces serious legal and regulatory challenges.\r\n<\/p><p>\r\n<blockquote class=\"twitter-tweet\" data-media-max-width=\"560\"><p lang=\"en\" dir=\"ltr\">??<br>Companies linked to the Master case use federal public lands to generate R$45 billion in carbon credits<a href=\"https:\/\/twitter.com\/hashtag\/BancoMaster'src=hash&amp;ref_src=twsrc%5Etfw\">#BancoMaster<\/a><br><br>Two companies at the center of the investigations involving Banco Master have achieved a combined valuation exceeding R$45.5 billion <a href=\"https:\/\/t.co\/Yd6ipxWkGW\">pic.twitter.com\/Yd6ipxWkGW<\/a><\/p>&mdash; Ivstitia??????? (@IIvstitia) <a href=\"https:\/\/twitter.com\/IIvstitia\/status\/2013260675674468843?ref_src=twsrc%5Etfw\">January 19, 2026<\/a><\/blockquote> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\r\n<hr>\r\n\r\n<p class=\"wp-block-paragraph\" style=\"text-align:right\"><em>Published in 01\/19\/2026 00h47<\/em><\/p>\r\n<hr>\r\n<p style=\"text-align:right\"><em><a href=\"https:\/\/iustitia.com.br\/?page_id=3178\">Portuguese version<\/a><\/em><\/p>\r\n<hr>\r\n\r\n\t\t<p class=\"wp-block-paragraph\">Text adapted by AI (Grok) and translated via Google API in the English version. Images from public image libraries or credits in the caption.<\/p>\r\n\t\t<hr>\r\n\t\t<p>Reference article:<\/p>\r\n\t\t\r\n\t\t\r\n\r\n\r\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www1.folha.uol.com.br\/mercado\/2026\/01\/empresas-na-teia-do-master-usam-terras-da-uniao-para-fabricar-r-45-bi-em-creditos-de-carbono.shtml\" target=\"_blank\">https:\/\/www1.folha.uol.com.br\/mercado\/2026\/01\/empresas-na-teia-do-master-usam-terras-da-uniao-para-fabricar-r-45-bi-em-creditos-de-carbono.shtml<\/a><\/li><\/ul>\r\n\r\n\r\n\r\n\r\n<hr class=\"wp-block-separator is-style-wide\"\/>\r\n\r\n<div style=\"position: buttonline;\"><iframe loading=\"lazy\" src=\"https:\/\/sinapsees.com\/rodape_sites.php?arg=41567\" frameborder=\"0\" height=\"420px\" width=\"100%\"><\/iframe><\/div>\r\n<div style=\"position: buttonline;\"><iframe loading=\"lazy\" src=\"https:\/\/sinapsees.com\/comentario_navegacao.php?arg=41567\" frameborder=\"0\" height=\"500px\" width=\"100%\"><\/iframe><\/div>\r\n<div style=\"position:absolute; width:40%; height:70px; top:-70px; left:0px;\"><iframe loading=\"lazy\" src=\"https:\/\/sinapsees.com\/oferta_site_esq.php?arg=41567\" frameborder=\"0\" height=\"100%\" width=\"100%\"><\/iframe><\/div>\r\n<div style=\"position:absolute; width:40%; height:70px; top:-70px; right:0px;\"><iframe loading=\"lazy\" src=\"https:\/\/sinapsees.com\/oferta_site_dir.php?arg=41567\" frameborder=\"0\" height=\"100%;\" width=\"100%\"><\/iframe><\/div>\r\n\r\n\r\n<div class=\"wp-block-image\"><figure><iframe loading=\"lazy\" src=\"https:\/\/sinapsees.com\/oferta_site_centralus.php\" width=\"100%\" height=\"330\" frameborder=\"0\"><\/iframe><figcaption>{teste}<\/figcaption><\/figure><\/div><hr>","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":20,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-893","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/pages\/893","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=893"}],"version-history":[{"count":0,"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/pages\/893\/revisions"}],"up":[{"embeddable":true,"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=\/wp\/v2\/pages\/20"}],"wp:attachment":[{"href":"https:\/\/iustitia.com.br\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}