Logo Raizen
REPORT 2021/2022

reshaping the
future of energy


Leading the

We are Raízen, an integrated energy company and a global leader in bioenergy. For more than 10 years we are playing an important role to shape the future of energy through innovation and technology. We’re working to build an increasingly clean energy mix to support a low-carbon economy

We are currently the largest sugar producer in the world, with an output of

million metric tons

in 2021/2022.

We’re transforming the future of energy but without neglecting society’s energy needs today. As we invest to expand our portfolio of renewable energy products and services, we concurrently operate the second largest fuel distribution network both in Brazil, as ranked by the Brazilian Oil, Natural Gas and Biofuels Agency, and in Argentina, according to the country’s Ministry of Energy and Mining.

In the crop year, we:

6.2 million tons of sugar.
3.5 billion liters of ethanol
(making us the world’s top producer of sugarcane ethanol).
2.9 TWh
of electricity
from biomass-fueled cogeneration facilities.


The crop year
at a glance

Logo B3

THE LARGEST IPO IN 2021 on the Brazilian stock exchange, B3,
with our shares now traded under the ticker symbol RAIZ4

Completed our integration with Biosev, onboarding 10,000 employees and nine bioenergy operations—with an electricity export capacity of 1,316 GWh.

Formed a joint venture with Grupo Gera to accelerate our growth strategy in renewables by developing small hydro and waste-to-energy biogas plants.

Acquired a 50% interest in Barcos Y Rodados to enter the Paraguayan market, where we will operate 340 Shell-branded service stations.

Installed a new crude distillation column at our Buenos Aires refinery, due to start operation in the second half of 2022, as part of a R$ 715 million investment plan through 2024.

R$ 10.7 billion in combined and consolidated adjusted EBITDA.
R$ 3.0 billion in net income.
  • Joined the UN Global Compact, the world’s largest voluntary corporate sustainability initiative to engage the private sector around business practices related to human rights, labor, environment and anti-corruption.

  • Received Women on Board (WOB) certification for diversity in our Board of Directors.

  • Established the first women-only Statutory Audit Committee in Brazil.


Message from
the CEO

When I say that we are leading the energy transition at Raízen, it means that we know exactly how, when and where we want to be. Over these last 11 years, we have been working to strengthen an integrated and irreplicable platform, a platform of solutions that has been reshaping the future of energy and is dedicated to causing positive impacts for everyone across this journey.

Always attentive to the society’s most complex demands, we are our client’s preferred partner to decarbonize their energy matrix. But we want to go even further, guided by solid and achievable targets that are aligned with our purpose and have been extensively studied by the many special people spearheading our incredible team.

In the 2021/22 crop year, we aligned our public commitments to the urgent needs of the Decade of Action, the critical period through 2030 during which, according to the United Nations, the world must accelerate sustainable solutions to reduce global greenhouse gas emissions. We defined new targets that reinforce our role in accelerating the energy transition and fighting climate change.

We are leading this movement because we are at the forefront of understanding demands and anticipating solutions to facilitate decarbonization. Our renewables portfolio is formed by first-generation ethanol, an already incredible solution that enables 80% reduction in emissions compared to gasoline; electricity cogeneration from sugarcane processing; second-generation ethanol (E2G), with emissions 30% lower than conventional ethanol, and because it is made from waste materials such as sugarcane bagasse and straw, increases by 50% our biofuel production potential with no need to expand our planted area; as well as biogas and biomethane, solar power and other sources that we are integrating into our ecosystem, with the goal of expanding our renewable energy production by 80% by 2030 ­– which is our first target related to climate change.

This crop year, we moved closer to this goal: by integrating the assets of Biosev, expanding our operations to 35 bioenergy complexes and our cogeneration installed capacity to 1.5 GW; we added new renewable energy sources to our portfolio with the acquisition of Gera; and we made a capital injection in Tupinambá Energia to accelerate growth of Brazil’s recharging network for the electric mobility segment.

We also announced the construction of three new E2G plants located in Guariba, Valparaíso and Barra Bonita, in the state of São Paulo. These plants, slated for startup by 2024, will add 246 million liters of biofuel to our annual installed production capacity, which will reach 280 million liters, 80% of which already has been sold via long-term agreements. Our growth plan envisages the startup of 20 new plants by 2030.

I am very proud to lead a team that considers sustainability an integral and inseparable part of our strategy.

We also made progress in the development of biogas. We already have one of the world’s largest plants producing biogas for conversion into electricity. In 2021/22, we announced the construction of our first plant producing biomethane, which uses biogas as feedstock, to substitute natural gas, diesel, liquefied petroleum gas (LPG) and fuel oil. Our goal is to continue expanding our generation capacity based on biogas and to develop biomethane projects in all our bioenergy complexes by the end of the decade of action.

Not only do we want to offer more clean energy alternatives for our clients, we also are committed to increasing operating efficiency. As such, our second target is to reduce our ethanol carbon footprint by 20%, improving on our previous 10% reduction target adopted in our public commitments undertaken in 2018/19.

This goal to reduce our carbon footprint is directly related to our continuous efforts to optimize our production process by increasing productivity in our agricultural operations, strengthening the circular economy, capturing energy efficiency gains and optimizing our logistics. One of our allies in this journey is Pulse Hub, which connects startups with our business areas, as well as SER+, a continuous improvement program already running at 23 bioenergy complexes and gradually being rolled out to our entire agro-industrial production chain.

As part of our first two goals, we will expand our offering of premium products to meet the needs of markets with more stringent standards and the demand for value added products in Brazil and the world. This leads us to our third target, which is reaching 80% of adjusted EBITDA generated by renewable businesses by 2030, evidencing that the energy transition is profitable and an opportunity worth investing.

And last, but not least, our final target is to reduce by 10% carbon intensity in the use of the products we sell, which reinforces our responsibility with regards to the greenhouse gas emissions generated outside of our operations and our vocation as an agent fostering decarbonization from farm to consumer.

If the climate agenda is intrinsically connected to our business, sustainability goes far beyond it. We have targets related to diversity and inclusion, traceability of our feedstocks, land use, human rights, water management, ethics and compliance and community relations. Our goals are monitored by dedicated teams, which report their progress to me periodically, and are directly related to the UN Sustainability Development Goals. In fact, we recently became a signatory to the Global Compact, which confirms our connection with the world’s main sustainable development initiatives.

To reinforce the link between our business model and our ESG Agenda, we created the Strategy & Sustainability Executive Vice Presidency, which combines the Strategy, New Businesses, M&A and Sustainability areas and incorporates even more Environmental, Social and Governance aspects into our strategic discussions and decision-making process, including capital allocation.

I am very proud to lead a team that considers sustainability an integral and inseparable part of our strategy. If today we enjoy access to highly demanding markets, it is because more than ten years ago we understood the importance of following internationally recognized sustainability standards, such as Bonsucro, and of sharing good practices with our suppliers, through ELO – which in 2021 was recognized by the Farm Sustainability Assessment (FSA) via the Sustainable Agriculture Initiative Platform (SAI Platform).

If today we have highly qualified teams, it is because we trained and recognized people and fostered diversity of backgrounds and thinking. If today we have expanded our operational footprint and our bioenergy complexes, it is because we focused on developing our communities by fostering local vocations and helping people to proactively pursue their ambitions. If today we are reshaping the future of energy, it is because we are attentive to society’s demands, while focusing on innovation and efficiency. The pages of this Sustainability Report – as well as the Activities Report of the Raízen Foundation – attest to these achievements.

And the results achieved in the 2021/22 crop year further legitimize the scale of our ambition. We carried out one of the largest Initial Public Offerings in the Brazilian Stock Exchange (B3) history, we incorporated new renewable energy sources into our portfolio, we entered the Brazilian lubricant market and we started to operate Shell’s assets in Paraguay. And we achieved all this while delivering our best operational performance and reinforcing, once again, safety as a non-negotiable value, commemorating a crop year with zero fatalities.

I am very optimistic when I see what still lies ahead, I am confident in our team’s ability to deliver and I have no doubt that we will be successful in our journey, because every day we wake up with a great sense of pride in what we do, the ambition to transform the world and the dedication to prove our purpose worthwhile.

We continue working together to reshape the future of energy, with the conviction that our work contributes directly to two of the world’s biggest challenges: clean energy and climate security!

Ricardo Mussa CEO

A unique and irreplicable
business model


in Brazil’s Southeast and Midwest, located near consumer markets in synergistic clusters that are well-served by logistics infrastructure for both domestic and overseas shipping.

Veja o

One of the largest fuel distribution networks in Brazil, Paraguay and Argentina, including strategically located multimodal terminals:

More than

distribution bases

Present in


More than

airport bases

More than

service stations

A larger sugarcane crush capacity than entire countries, such as China, Thailand, Mexico, Pakistan and the US.

A workforce of more than 40,000 employees, with a goal to reach 30% women in leadership positions from coordinator upward by 2025—from a current baseline of 21%.

Approximately 1.3 million hectares of cultivated land.


Sustainably sourced raw materials:

  • We cultivate 50% of the sugarcane we crush under a public commitment to implement Bonsucro standards. Currently 77% of our bioenergy parks in operation are Bonsucro-certified, a percentage that we expect to increase further to 100% by 2027.

  • The other 50% of our raw materials are supplied by contract growers, 97% of which are participants in ELO, a unique global sugarcane sourcing program that is advancing measures to promote sustainability, environmental protection and respect for human and labor rights.



We’re working to expand the share of renewable energy in our portfolio as we incrementally use sugarcane biomass to generate electricity and explore new sources, such as solar for distributed generation.
We will also continue to invest in first- and second-generation ethanol, biogas, cogeneration and pellets. A large supply of biomass, proprietary technology and commercial capabilities.
Our installed generation capacity is
1,5 GW
Our 35 bioenergy operations are
energy self-sufficient,
with 20 of them exporting surplus renewable electricity to Brazil’s National Grid
Green Capital
In 2022 we raised
in green bonds linked to ESG targets.
The bond proceeds will be used toward investments as part of our expansion plan to build a cleaner, more renewable and sustainable energy offering
circular economy
Our processes, products and businesses are increasingly aligned with the three core principles of the circular economy:
We’re constantly investing in commercial and consumer tools to build customer engagement: in September 2021 we unveiled Shell Box Empresas in Brazil, as a way to further integrate Shell Box into our strategies.
The new tool helps business customers to manage their (light, medium and heavy) fleet expenses at service stations in our network. In crop year 2021/2022, our Shell Box platform processed: R$ 5.4 billion

value proposition

We use the same approach to managing climate change-related risks and opportunities as we do to managing financial and business aspects.
Strong performance on our CDP Climate Change questionnaire: Raízen has made the CDP’s climate change A List alongside other top-scoring companies, crowning a journey of consistent progress.
Joined the CDP Supply Chain Program to support our suppliers’ progress in managing emissions and climate-change risks.
tCO2 avoided is included among the variable compensation targets for

all employees.
Raízen has helped to avoid more than 30million
metric tons of CO2 through our products since 2011
we plan to expand our portfolio’s decarbonization potential by an additional
de tCO2 avoided per year.
A long-term value proposition including a Strategic Sustainability Plan and targets set for 2030.
learn more
"We’ve been supplying sugarcane to Raízen since it first started operation in 2011, and we joined its Cultivar and ELO programs right after they were launched, in 2013 and 2014. With Raízen’s support, through the Cultivar program, I identified an opportunity to build my company in 2016, Baldan Agropecuária, evolving from a three-generation family business by professionalizing management, introducing a board of directors, and implementing best governance practices. ELO, in turn, provided a platform for continuously improving our sugarcane field operations, from both an environmental and a social and economic perspective. I’m very proud to have shared this journey with Raízen, a company that goes beyond mere business transactions to support partners’ growth using a structured and future-oriented approach." Walter Baldan, a partner sugarcane grower and director at Baldan Agropecuária.
“I’ve been a truck driver for nearly twenty years, and I’ve spent nearly half my career working with Shell, a brand managed in Brazil by Raízen. The company has always shown a genuine concern for our safety. Every month I attend training on safe driving, and whenever I can I try to share what I’ve learned with my coworkers. And because I often see unsafe driving on the road, I decided to enter the 10th edition of the “Rodeio de Caminhões” last year, and won! My wife and kids were able to attend the competition final, which meant a lot to me as they’re the reason I try my best to drive carefully and come home safely after a day’s work.”
Edvan Reis, winner of the 10th edition of the “Rodeio de Caminhões”.
“Participating in Creando Vínculos helped us teachers to understand what really mattered to students—our project was created after assessing and observing their actual needs. With Raízen’s support, we were able to purchase equipment to provide better-quality education. We’re grateful to Raízen for believing in the power of education.”
Marina García, a teacher responsible for special projects at Escuela de Educación Especial N°506.

and metrics

As part of our commitment to transparency, we have prepared our 11th Annual Sustainability Report

in accordance with the Global Reporting Initiative (GRI) Standards—Core option and the recommendations of the Sustainability Accounting Standards Board (SASB).

We have also adopted for the first time the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), created by the Financial Stability Board (FSB); and the World Economic Forum’s (WEF) Stakeholder Capitalism Metrics.