Estimativa do valor dos passivos ambientais dos setores de geração de energia nuclear e hidrelétrica

Abstract

Energy is a fundamental driver of a country's economic development, given society’s significant dependence on electricity. However, energy-generating companies often cause environmental impacts that are not fully recognized or disclosed in their financial statements. This study aims to estimate the environmental liabilities associated with water usage and carbon dioxide emissions in the production of hydroelectric and nuclear energy in Brazil between 2010 and 2023. Drawing on disclosure theory and institutional theory as the theoretical framework, the research proposes a measurement model designed to reinforce corporate environmental accountability. The direct market pricing valuation method was employed to estimate the monetary value of water usage and CO₂ emissions. The findings reveal that the companies analyzed disclose minimal information regarding their environmental liabilities, and the reported figures are substantially lower than those calculated using the proposed model. The estimated environmental liability for water uses by hydroelectric power producers amounted to R$ 3.65 trillion, while nuclear energy producers generated a liability of R$ 8.80 trillion. In contrast, the liability related to carbon dioxide emissions was higher for hydroelectric producers (R$ 12.79 billion) than for nuclear companies (R$ 235.73 billion).