FS is the first Brazilian plant to produce ethanol exclusively from corn. In addition to ethanol, FS also uses cutting edge technology to manufacture animal nutrition, corn oil and electricity products. In May 2022, &Green and FS concluded an 8-year loan of USD 30 Million to support the company improve the traceability of its corn supply chain, mitigate deforestation risk, and intensify forest and degraded land restoration.

&Green will work together with FS to create a no-deforestation corn supply chain that sustainably produces biofuel, electric power, animal feed and corn oil. Through this transaction, FS underpins its public ambition statement of sourcing deforestation-free corn with a contractual No Deforestation, No Peat and No Exploitation ( NDPE ) commitment to &Green.

This transaction provides &Green and FS an opportunity to positively influence the corn, but also the soy supply chain in Mato Grosso (MT) which is significant for two reasons. First the soy supply chain is one of the main drivers of deforestation in Brazil. Second FS impacts around 15% of soy production areas in Mato Grosso where production grew fourfold in the past decade and is expected to grow further.

With &Green’s loan support, FS aims to transform land use practices of corn and soy producers in MT. This includes proactive engagement with suppliers to protect and restore forests and promote sustainable intensification of degraded lands.

Fueling Sustainability (FS)
Mato Grosso (Brazil)
E&S Risk Category
&Green Investment
USD 30 Million
Investment Term
8 years
Financial Structure
&Green provided an 8-year senior unsecured loan
Impact Targets
224,000 hectares of protected forests
40,000 hectares of degraded lands being intensified
Up to 5,000 hectares of restored native forest
Small producers social inclusion, sector engagement


Soy is one of the main drivers of deforestation in Mato Grosso (MT). In recent years, Brazilian corn has emerged as a secondary crop to soybeans with its production expanding due to intensified soy production areas in the region.

FS’s commitments will catalyse a transformative shift in sourcing practices among corn producers in MT, with the intended consequence of influencing the practices of other soy producers whose farms serve as the source for corn as a secondary crop. Commitments are set out in two documents developed with &Green: the Landscape Protection Plan ( LPP ) and the Environmental and Social Action Plan ( ESAP ).

In line with its sustainable sourcing strategy, FS will mandate forest conservation as a requirement for suppliers to be eligible for its production plants. This commitment necessitates deforestation-free practices in both corn and soy production, an endeavour that has posed challenges in securing from Brazilian soy producers in the past.

With this investment, &Green aims to showcase an integrated model that combines climate change mitigation, food production and forest protection. This will be achieved through sustainable intensification of land and the transformation of sourcing practices in the Amazon and Cerrado biomes, where FS operates.

The blueprint for sustainable deforestation-free corn ethanol production will exemplify how collaboration among diverse market players can expedite the implementation of the Brazilian Forest Code’s principles. This approach will focus on conserving and restoring native forests in the Amazon and Cerrado regions.


Social and Environmental Responsibility Policy in the Supply Chain and Sales Channels

FS has updated its Policy and underlying protocols to integrate new purchasing criteria developed as part of its commitment with &Green, which are related to more precise deforestation tracking, cut-off dates, criteria related to Indigenous Peoples and similar.

Indigenous Peoples Policy

The company formalized its Indigenous Peoples Policy which has been developed with support of external experts and includes the procedures of FPIC consultations (where applicable).

Deforestation Alerts Center

FS implemented an advanced tool that provides monthly updates on native vegetation cover and relies on public sources of information such as MapBiomas (best practice in Brazil), GLAD, DETER and SAD.

Program of Restoration of FS Landscapes

FS contracted AgroIcone, a leading Brazilian agricultural analysis firm that produces studies and economic assessments for the agribusiness sector, to review the company’s program of landscape restoration including the restoration techniques and monitoring.

Low LUC Risk1 certification

FS is the first Brazilian corn ethanol industry to receive the ISCC international certification (International Sustainability & Carbon Certification), attesting that its production process meets international requirements for the production and supply of ethanol and corn oil to produce SAF (Sustainable Aviation Fuel). Furthermore, FS is the first ethanol producer in the world to obtain Low LUC Risk certification in collaboration with one of its second-crop corn suppliers, GGF Group.

Bamboo monitoring program

FS contracted a detailed study to assess the invasive potential of bamboo used by the company as renewable biomass to generate power and to establish a proper monitoring to assure preservation of local biodiversity.

Farmers engagement

FS comprehensively disseminated good agricultural practices to producers, promoting the adoption of sustainable methods.

The partnership with &Green has transcended a traditional lender-borrower relationship, positioning &Green as a key advisor in our sustainability journey. Their guidance on best global practices and nuanced sustainability issues has been invaluable. Additionally, securing a loan from &Green has bolstered our credibility, attracting further investment by showcasing FS as a model of environmental responsibility. This collaboration has significantly advanced our goal of establishing a zero-deforestation supply chain, benefiting both our business and broader environmental efforts in Brazil.


Here is a quote elaborated from a section of the video recording with FS’ Director of Sustainability and Business Development



FS intends to fully operationalize its Geographic Information System (GIS) monitoring system, established with enhanced environmental and social criteria developed to enable the NDPE commitments.


FS established a sophisticated project management tool for IFC Performance Standards compliance management, monitoring and continuous improvement. 2023 will be the first cycle of its usage for internal targets of the company.


FS expects to have the first cases of restoration and small holders social inclusion. As per its Landscape Protection Plan (LPP), FS will promote forest restoration, aiming at social inclusion of suppliers with deforestation liabilities as well as assisting those with degraded APPs (Areas of Permanent Protection designated at each farm). These measures anticipate compliance with Forest Code, simplifying and/or avoiding future procedure related to PRADA (Recomposition Project for Degraded or Areas). The expected program outcomes are the inclusion of least 15 small suppliers with embargoes related to deforestation or Terms of Adjustment of Conduct (TAC). In Brazil, the small rural property is defined as one sized up to 4 “fiscal modules”. The fiscal models differ from municipality to municipality. In Mato Grosso, the average fiscal module is around 90 ha. FS is committed to achieve an ambitious figure of 5,000 ha.


FS developed the Indigenous People policy and will fully integrate its operation into the supply chain management.

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