BETWEEN ESG DISCOURSE AND ACCOUNTING PRACTICE: DIVERGENCES IN THE MEASUREMENT OF CARBON CREDITS IN THE BRAZILIAN ENERGY SECTOR

Abstract

The rapid institutionalization of ESG (Environmental, Social and Governance) discourse has reshaped corporate narratives worldwide. This investigation is justified by the increasing discrepancy between publicly declared climate commitments and the effectiveness of the accounting metrics that should substantiate them, especially in sectors with high socio-environmental materiality. However, its widespread adoption has been accompanied by critiques pointing to symbolic practices disconnected from effective environmental measurement and accountability. This article investigates the divergences between discourse and practice in the accounting of carbon credits by energy companies listed on Brazil’s B3 stock exchange. Using a qualitative and documentary approach, the study analyzed financial statements, explanatory notes and ESG reports from 18 firms in the oil, gas and biofuels sectors. Only four of them (Raízen S.A., Refinaria de Petróleo Riograndense S.A., Ultrapar Participações S.A. and Vibra Energia S.A.) effectively recognize and disclose carbon credits, mostly as intangible assets and regulatory provisions linked to RenovaBio, in partial compliance with OCPC 10, CVM 223/2024 and CTG 10. The findings reveal substantial gaps between ESG commitments and actual accounting transparency, evidencing a pattern of performative ESG and reinforcing greenwashing risks. The article contributes by highlighting governance weaknesses in Brazil’s energy sector and discussing the potential and limitations of environmental accounting as an instrument of climate accountability amid global crisis.

DOI: https://doi.org/10.56238/sevened2025.036-095