Na contramão da "teoria dos preços": os desafios para o financiamento de empreendimentos eólicos no Brasil

Abstract

With the replacement of fossil fuels by renewable sources such as wind power, the power generation sector has gained prominence as one of the main responses to the process of decarbonizing the global energy matrix. In turn, when observing the slow pace at which countries, and notably Brazil, have moved in this direction, even in the face of the urgency indicated by the impacts of climate change, the question arises as to what are the main reasons for this. Given the high level of investment required to implement this objective and the characteristics inherent to renewable sources, this paper seeks to highlight, based on the example of the Brazilian wind power sector, the relevance not only of the current macroeconomic scenario but also of the structural aspects of the Brazilian economy, especially in the monetary/financial aspect, which directly or indirectly influence the decision to invest in renewable energy generation in the country. Discussing the traditional theory that places the burden on the shoulders of “right prices”, particularly on the prices of costs involved in implementing these technologies, the paper focuses on issues concerning the financing environment in Brazil, bringing to light an important figure in this scenario, the National Bank for Economic and Social Development (BNDES). Thus, in order to contribute to the development of more assertive public policies in the generation of electricity through renewable sources in the country, it is concluded that, although the conventional theory tries to overstate the reasons from the perspective of the price of these technologies and the responses that the market can offer, there are other reasons of a structural nature that set limits to the renewable generation potential that Brazil has.