The Brazilian Midwest

Summary

Drilled – “The Brazilian Midwest”

Podcast: Drilled (Pushkin Industries)
Host: Amy Westervelt
Episode Date: May 26, 2026

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Episode Overview

In “The Brazilian Midwest,” Drilled investigates the transnational expansion of Bruce Rastetter, an Iowa corn ethanol magnate, into Brazil’s fertile state of Mato Grosso. The episode exposes how Rastetter, with the backing of powerful Brazilian partners embroiled in land disputes and political scandals, is shaping Brazil's dream of becoming the “Saudi Arabia of sustainable aviation fuels.” Despite the sustainability branding, these ventures depend on contested land and questionable climate impacts. The episode paints a picture of how political connections, land occupation, and corporate opportunism undergird supposedly green energy solutions, revealing the chasm between profit-driven climate tech and genuine environmental progress.

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Key Discussion Points

1. Brazil’s New ‘Green’ Dream and Rastetter’s Expansion

• In September 2025, Brazilian ministers traveled to North Dakota to see Rastetter’s clean energy project, aiming to fulfill President Lula’s vision for Brazil as a global leader in sustainable aviation fuels. (02:00)
• Rastetter’s push into Brazil is the latest in his history of international land deals, after failures elsewhere (e.g., Tanzania).
• The host, Amy Westervelt, frames the story as part of a wider pattern where supposed climate solutions rely on questionable practices with little climate benefit:

  “It all requires loads of land and none of it does a thing about climate change.” (Intro)

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2. Controversial Business Partners: The Franz Brothers & Miguel Vaz Ribeiro

Illegal Land Deals and Political Influence

• Ricardo da Costa Carvallo (Indigenous rights activist, Opan NGO) details how Rastetter’s key partners, the Franz brothers (Marino & Paulo) and Miguel Vaz Ribeiro, own land illegally overlapping with Batelau Indigenous territory, making restitution efforts for the Kayabi/Kioawete people difficult. (02:37)

  “They are politicians in the region, which we see as a major obstacle for the Kayabe to win this fight for territory.” – Ricardo da Costa Carvallo (04:02)

Chains of Corruption and Impunity

• Series of scandals involving bribes, fraudulent invoices, illegal land sales, and environmental crimes surround the partners:
  • Recorded bribe from Marino Franz (05:12–05:47)
  • False invoice scandal and Operation Promised Land (multi-state investigation, $200 million illegal land sales) with limited legal consequences due to local political power (05:47–08:19)
  • Ongoing environmental fines for illegal deforestation and unauthorized planting in Indigenous territory (08:19)
• Their grip on Lucas do Rio Verde’s mayoral seat extends over two decades, consolidating economic and political power.

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3. Building an Agricultural Empire: The Myth and Reality

• The Franz brothers’ company, FIA Grill, is portrayed in local PR as a down-to-earth, family-run agribusiness, while in reality, it’s a massive industrial concern grossing $700 million in 2024, with over 40,000 hectares of land. (08:47)

  “In 2024, FIA Grill had gross revenues of $700 million … Like their counterparts in the US lots of industrial ag guys in Brazil like to pretend to just be folksy farmers down the street.” – Amy Westervelt (08:47–10:04)

• Miguel Vaz becomes a central figure in politics and business, forging deep partnerships with the Franz brothers and leveraging political office for business advantage. (10:18–11:29)

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4. From Land Deals to ‘Sustainable’ Biofuels: Political Patronage and Profit

• Rastetter partners with the Franz brothers and Vaz on FS Bioenergia (FS for FIA Grill and Summit), inaugurating massive corn ethanol plants, with Brazilian presidents and ministers in attendance. (15:10–17:43)

  “Our partner in Brazil is Viagril, a large supply input company to farmers. … also looking forward to corn ethanol, which we think will be a significant complement to sugarcane ethanol.” – Bruce Rastetter (15:39)

• Rounds of state support: Tax breaks ($300M), honorary citizenship, and public subsidies open floodgates for further growth. (18:12–20:10)

  “The Mato Grosso government has given its support … FS secured more than $300 million in tax breaks from the state since then.” – Amy Westervelt (18:41)

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5. Greenwashing and Carbon Capture: Science vs. Rhetoric

• FS’s CEO and partners claim their cropping methods “sequester more carbon than an entire standing forest”—a claim directly refuted by scientists but largely unchallenged due to their influence. (19:58–20:10)

  “We have studies on our farm that prove that corn grown on top of soybeans sequesters more carbon than an entire standing forest. This is serious. This is very new.” – Paulo Franz (19:58)
  “To be clear, scientists say the exact opposite.” – Amy Westervelt (20:10)

• Aggressive pursuit of government loans and loopholes in carbon storage permits:

  • $78 million BNDES loan for carbon storage, despite non-existent regulatory framework.
  • Regulatory “creativity”—encouraged (off-the-record) by government officials—to change corporate charters for permits. (23:37–26:38)

  “To get around that, a government official advised the legal department of FS to amend the company’s articles of incorporation to align with the proposed activity. And it worked.” – Amy Westervelt (26:03)

• Continued investments: Over $600 million in public funds to the corn ethanol industry; FS alone receives over $200 million (24:03)

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6. Political Window-Dressing and the Reality of Boom Profits

• “Fuels of the Future” bill (2024) catalyzes demand for ethanol, carbon storage, and aviation fuels, boosting FS’s fortunes dramatically after previous losses.

  • FS’s net revenue grows 32% in 2025; current profits >$200 million. (21:31–22:54)
  • Law incentivizes ethanol mix, carbon capture, “green” aviation fuel—but offers little true climate benefit.

  “The Fuel of the Future act triggered a substantial shift in FS’s fortunes … the only things Trump saved from Biden’s climate policy.” – Amy Westervelt (21:31)

• Leadership crow about Brazil’s “important institutional work” promoting biofuels—glossing over the murky realities. (22:54–23:07)

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7. Exporting the Model: US–Brazil Cross-Pollination

• Brazilian officials visit US carbon capture projects (led by Rastetter, despite delays and local US opposition) as templates for Brazil’s deregulated expansion. (27:48)

  “FS is promoting regulation, pioneering prospecting, and even drawing on the experience of its partners in the United States.” – Rafael Barros Arrujo (27:48)

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8. Who Profits—and Who Pays: The Thin Green Veil

• Former President Michel Temer encapsulates the investors’ viewpoint: “No one invests if they don’t know that later on they will make a profit.” (28:50)
• The episode closes on the gap between rags-to-riches PR and the lived experience for locals:

  “What’s protecting this corn ethanol boom in Brazil is a thin green veil that separates the haves from the have nots.” – Amy Westervelt (29:43)

• Agricultural consultant Corey Melby, from episode one, delivers a scathing insight:

  “They don’t give a shit about any of this stuff. Just take an opportunity that’s in front of them.” (29:41)

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Memorable Quotes & Timestamps

• Indigenous Rights Activist:

  “They are politicians in the region, which we see as a major obstacle for the Kayabe to win this fight for territory.” — Ricardo da Costa Carvallo (04:02)

• Host (Amy Westervelt):

  “Like their counterparts in the US lots of industrial ag guys in Brazil like to pretend to just be folksy farmers down the street.” (08:47)

• Marino Franz (bribery context):

  “What is 70,000 to Marino, man? For us, it's money, but for him…” (05:07)

• Paulo Franz (carbon claim):

  “Corn grown on top of soybeans sequesters more carbon than an entire standing forest. This is serious. This is very new.” (19:58)

• Host (scientific correction):

  “To be clear, scientists say the exact opposite.” (20:10)

• Corey Melby, ag consultant:

  “They don’t give a shit about any of this stuff. Just take an opportunity that’s in front of them.” (29:41)

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Notable Segments & Timestamps

• [02:00–04:09] Introduction to Rastetter’s Brazilian venture and the tangled web of land, business, and politics.
• [05:07–08:19] Discussion of scandals involving FIA Grill founders and the persistence of impunity.
• [10:18–11:29] How business entwines with politics, reinforcing local power structures.
• [15:10–17:43] Rastetter and FS enter the corn ethanol market, with public endorsements and state support.
• [19:58–20:10] The false narrative about carbon sequestration perpetuated by business interests.
• [21:31–22:54] Impact of “Fuel of the Future” law and exploding profits.
• [23:37–26:38] Dubious regulatory approvals for carbon storage; the blurred line between corporate influence and public oversight.
• [27:48–28:50] Cross-national collaboration and regulatory “importation.”
• [29:41–29:43] The show’s climactic reveal—these so-called climate solutions are mostly vehicles for profit.

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Takeaways

• Corporate greenwashing is deeply entwined with political and economic interests.
• Despite branding as cutting-edge climate solutions, the corn ethanol and carbon storage boom in Brazil is built on contested land, legal loopholes, and limited actual climate benefit.
• Political and business elites benefit handsomely; Indigenous communities and ordinary Brazilians see few gains.
• Official narratives of sustainability are at odds with scientific reality and lived experience.

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Next Episode Preview:
The investigation continues with a look inside Lucas do Rio Verde, promising a ground-level perspective on who wins and who loses in the race for “green” profits.

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This summary provides a comprehensive, content-focused overview to help listeners—or non-listeners—grasp the key themes, context, and revelations of the episode.

Transcript

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[A]

Pushkin. Last summer we went to the Brazilian state of Amato Grosso to get a better feel for Bruce Rastatter's Brazilian partners. One of the first things we wanted to understand, because it's at the center of their US Operations, too, is how they're handling land in Brazil.

[D]

So there are the Franz Brothers, Marino Franz and Paolo France here as we can see, and Miguel Vaz Ribeiro.

[A]

Ricardo da Costa Carvallo is an indigenous rights activist with the NGO Operacao Amazonia Nativa, or opan. They recently did a survey in Mato Grosso identifying those who are illegally occupying indigenous lands. When we visited opan's offices, he showed us a map. On the map, he pointed out the names of the people who illegally own private properties that overlap with the Batelau indigenous territory, including the ones you heard there. Miguel Vas Ribeiro and Marino Franz, Bruce Rastatter's Brazilian baby business partners. Batalao belongs to the Kioawete people Also known as the Kayabi. The Kayabi were expelled from the region during the government's colonization processes between the 1940s and 1960s. It was part of that westward expansion that we talked about in the first episode. Much of this land was sold at low prices or just invaded by farmers from the south and southeast. There are many farms officially registered on Batalao indigenous land. The are now trying to get that land back. And landowners like Miguel Vaz Ribeiro and Marino Franz are making that especially difficult because they're not just wealthy farmers. They also work in government.

[D]

They are politicians in the region, which we see as a major obstacle for the Kayabe to win this fight for territory.

[A]

As an American, it would have been easy for Bruce to start talking to the Franzes and Miguel Vas Ribeiro even to buy some land from them without doing a background check. But he didn't just buy land from them. He went into business with them. Their finances are commingled. They've taken on debt together. And these guys are well known in Mato Grosso not just for their businesses, but for their involvement in various entanglements with the legal system. I'm Amy Westervelt, and you're listening to Carbon Cowboys. The story of how the ethanol kingpin of Iowa became the king of corn in Brazil and what it tells us about the limits of technology and markets to solve the climate crisis. This season is a collaboration between the Intercept Brazil and Drilled.

[D]

What is 70,000? What is 70,000 to Marino, man? For us, it's money, but for him.

[A]

This audio is from a hidden camera recording supposedly created by Lucas de Rio Verde businessman Helio Moraga. He's trying to negotiate a bribe from Reno Franz of the Franz Brothers. According to Helio, he got the money from Franz and recorded a second video of himself thanking Marino Franz for it. Hey, Marino.

[D]

How's work going?

[C]

But, Mr. Marino, I won't take up

[D]

too much of your time.

[C]

I just came to thank you because I received the 70,000 from that deal we made.

[A]

24 officials from Lucas's administration, including Marino Franz, have been charged with administrative misconduct. The video is now available online, and the Mato Grosso public prosecutor's office has stated that the case is still pending. Meanwhile, the scandals continued. At the end of Marino Franz's second term as mayor of Lucas in 2012, he and Miguel Vas Ribeiro, his business partner, were accused of issuing more than 800 false invoices in the names of small rural producers. Mato Grosso's Department of Finance has not disclosed the Results of that investigation. In November 2014 came another scandal. Operation Promised Land was launched simultaneously in the states of Mato Grosso, Santa Catarina, Parana and Rio Grande do Sol. The federal police are investigating crimes involving invasion of federal lands, document fraud and environmental crimes. 52 arrest warrants were served. Three former mayors in the interior of Mato Grosso were arrested. By this point, Marino Franz was the former mayor of Lucas de Rioverde. He was accused of being part of a scheme that moved around $200 million through the illegal sale of plots of land in Mato Grosso. Marino Franz only ever spent a week in jail. He was granted a writ of habeas corpus, and eventually the federal court decided to close the investigation against him, citing a lack of evidence. But the Franz brothers and Miguel's problems continued after getting into business with Bruce too. In 2017, Agrocerado, Miguel Vaz's Amapa company, was fined a million dollars for deforestation. That fine remains active, awaiting payment or appeal. In 2025, Vaz was fined again, this time almost $600,000 for planting cotton and corn within the Batelao indigenous land in Monte Grosso. None of these scandals ever seem to stick. Thanks mostly to the political capital these three, Marino and Paolo Franz and Miguel Vaz Ribeiro, have amassed in Lucas. For almost 25 years, the mayor's office there has been controlled by these guys. First, they built one of the original industrial agriculture companies in the state.

[E]

When I started FIA Griu, I brought my brother in law to work with me. He made the best shimaho in town and he liked bars. So in a place where there are a lot of young people, where there are no phones, no radio, where no one knows anything, news spreads through the bars. I would say to Lino, you make the shemachom talk about soccer and talk a little bit about women and leave the rest to me. And that's how we created FIA Grill.

[A]

This quaint family story with the inspirational piano in the background is being told by Marino Franz in a promotional video for the company, FIA Grill. He started FIA Grill in Luca Storio Verge in 1987, during a fourth wave of wealthier settlers who came to explore the region from the south and southeast of the country. Marino was 24 at the time, but had been living in Lucas since he was 18. Like their counterparts in the US lots of industrial ag guys in Brazil like to pretend to just be folksy farmers down the street. Marino describes the creation of FIA Grill, which sells seeds, fertilizers and pesticides. Like an artisanal farm stand at the local farmer's market. But in 2024, FIA Grill had gross revenues of $700 million. It has 28 branches in four states, four warehouses, more than 500 employees, and Chinese and American shareholders. Paulo Franz, Marino's younger brother, arrived in Lucas in 1995, and now together they own around 40,000 hectares of land in Monte Grosso, equivalent to around a quarter of the city of Sao Paulo.

[F]

Jose Franz I met Marino Jose Franz when he was already a businessman. Then I became friends with Marino, a business relationship, so to speak. And then in 1996, I decided to leave the company I was representing and became a partner at fiagrel.

[A]

This is Miguel Vaz, the current mayor of Lucas. In the same promotional video, he and Marino created an important alliance at Viagril, which would later branch out into other businesses, including fs, with the help of their foray into local politics. In 2001, Marino Franz became deputy mayor of Lucas under Ottaviano Pivetta. He graduated to mayor in 2005, where he remained until 2012. In the 2012 election, Figurill donated more than half a million reais, around $98,000 to the campaign of Ottaviano Pibeta, who became mayor of Lucas for the third time with none other than Miguel Vaz as his deputy. In 2021, it was VAAS's turn to become mayor of Lucas. That's when the video of the bribery scandal came to light. It didn't seem to make a difference, though. Vaas won with nearly 60% of the vote. After the break, how they put that political power to work for Bruce.

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[G]

I really had to make a decision because I caught myself getting that frog in my throat and starting to get teary as I'm narrating some of these sections and it's like, okay, yo yo yo, is this indulgent? And I really thought about it. I was like, no. At this point it would kind of be betraying the trust the author and the listener have in telling this story if I don't go through it. But there's places in this book that deeply, emotionally affected me and I left it on the mic. That's great because it served the story. People will say like oh my God, I cried at the end. It's like, yeah dude, me too.

[C]

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[A]

Remember when Bruce Rastetter first went to Brazil. He was licking his wounds after a big land deal in Tanzania went south. He needed a sure bet and the brothers Franz and their pal Miguel could deliver it.

[G]

I've always believed that Brazil will be the other country in the world in particular that supplies the majority of the world's food going forward and food production. It's the country that most readily accepts US technology outside of the US and so began traveling there four and a half five years ago, decided that we would form a fund to buy a single farm. Take our time.

[A]

That's Bruce speaking at a Brazilian American Chamber of Commerce seminar in 2016.

[G]

Our partner in Brazil is Viagril, a large supply input company to farmers. So we continue to look forward to kind of walking before we run in Brazil and took time to get through that government process, but also looking forward to corn ethanol, which we think will be a significant compliment to sugarcane ethanol as biotechnology takes place in Brazil.

[A]

Paolo Franz, the young Franz brother, is a big fan of the United States and of Bruce in particular. His Instagram account currently has 10 posts. Three of them feature Bruce. Another features the US national anthem being played during an American football game at Iowa State University, where Paolo says he studied and where Rastetter was on the Board of Regents for years. A fifth post features Paolo himself with a satisfied smile, holding a pizza and a Coca Cola with an Iowa State University baseball cap. Here's Paolo talking about his love of the US on an agricultural podcast.

[D]

I've always been enthusiastic about the United States, right? Like it or not, in college here in Brazil you learn about irrigation or fruit growing, and they use the example of California. And there's the influence of music, movies. Right

[A]

after buying land from the Franzes, Bruce agreed to go into business with them and their partner Miguel on a corn ethanol company they called at the time FS Bionergia. F for FIA Grill S for Summit. In August 2017, Bruce, the Franz Brothers and Miguel Vas inaugurated their first corn ethanol plant in Lucas do Rio Verde. The event was attended by none other than then President of Brazil Michel Temer and his Minister of Agriculture, Laro Maggi, a partner in one of the largest soybean producers in Mato Grosso.

[D]

I made sure that President Michel Tamar came here so that he could see and help us publicize and even lobby official agencies to also start financing this type of investment, something that still does not happen today.

[A]

Words and promises from Agricultural Minister Blair El Magi during the factory's inauguration ceremony in 2019, things got even better for Bruce and his Brazilian business.

[F]

Hello, my friends. I just received an important visit here in our office from the FS Group, which is investing in ethanol here in the state of Mato Grasso. Here with us are Marino Franz, one of the investors, and Rafael, the company's CEO. Today they already operate an ethanol plant in the city of Lucas. They're building another plant, scheduled to open in January 2020 in the city of Soriso. And right now they're starting a new plant there in the city of Novamootin. We also discussed the tax incentive program that will be important for the growth of the sector, which will revolutionize agribusiness here in our state.

[A]

That's former governor of Mato Grosso Mauro Mendez and video he posted to his Facebook page in July 2019. Marino Franz and FS CEO Rafael Abboud are by his side. FS built three more plants in the state after that announcement. The Sorizo plant began operating in 2020, followed by the Primavera Doleste plant in 2023. The fourth plant was announced in 2025 and is under construction in the city of Campo Novo do Parecis. The fifth is planned for the municipality of Querencia. The Mato Grosso government has given its support to the company since at least 2019. As Governor Mauro Mendez said in his video, FS secured more than $300 million in tax breaks from the state since then. In 2022, Bruce was made an honorary citizen of Lucas do Rio Verde and also received one of the state's highest honors, the Commendation of the Order of Merit of Mato Grosso. But land and political power wasn't enough. Bruce and the guys were in the carbon business too. Here's Paulo Franz.

[D]

We have studies on our farm that prove that corn grown on top of soybeans sequesters more carbon than an entire standing forest. This is serious. This is very new.

[A]

To be clear, scientists say the exact opposite. A mature forest stores 50 to 100 times more carbon than a corn soybean field or a soybean corn field. It doesn't really matter, though it sounds good. And these guys have enough political power that no one really questions them. Thanks to Bruce's powerful Brazilian partners, he's been able to get things going more easily here than back home. In December 2025, three months after Brazilian government officials visited Bruce in the US, the Brazilian Development bank released $78 million to fund FS's carbon storage project in Lucas do Rio Verde. The company has now rebranded to fs, Fueling Sustainability.

[C]

We are planting a new seed, the seed of the fuel the Future. It will generate more than 260 billion in investments in agriculture and the biofuel chain. The fuel of the future puts Brazil at the forefront of the new economy, the green economy. That's more than 40 billion in new investments and more than 25 billion for the creation of sugarcane fields, cornfields and transportation.

[A]

This is Brazilian Minister of Mines and Energy Alexander Silveira, speaking during the ceremony to sign the Fuels of the Future bill into law in October 2024. The law sets out a set of initiatives to promote low carbon transportation as a way to reduce greenhouse gas emissions. It incentivizes a gradual increase in the percentage of ethanol mixed in with gasoline, provides a legal framework for carbon capture and storage, and encourages the research, production and sale of so called sustainable aviation fuel. The expansion of ethanol, sustainable aviation fuel, and carbon capture and storage are also the only things Trump saved from Biden's climate policy. The Inflation Reduction act. The Fuel of the Future act triggered a substantial shift in FS's fortunes with the increase in demand for ethanol and gasoline. In the 2024-2025 crop year, the company saw its net revenue grow by 32% after posting a loss of almost $100 million just two years ago. Today, FS has net profits of over $200 million.

[G]

Brazil's been doing important institutional work in recent years to promote biofuels and increase blends. Yeah, and now we had the Fuel the Future program that implemented E30, which further expanded the market. Right.

[A]

Rafael Abboud, CEO of F's, is the public face of the company in Brazil. He's the one you'll usually see being interviewed by the press. In this interview you just heard given in 2025 on a business podcast, he's talking about the increase in corn ethanol consumption in the country. Corn ethanol already represents about 25% of Brazil's ethanol market. The other 75% comes from ethanol made from sugar cane.

[G]

If you take what you already have in terms of plants under construction and projects that are really moving forward and

[A]

will start operating in the next two

[G]

or three years, by 2028, at least 40 to 45% will already be contracted.

[F]

Yeah.

[E]

In other words, the people watching us don't even know it, but they are fueling up or will very soon be

[H]

fueling up with corn ethanol.

[A]

Oh, totally.

[G]

Everyone already fuels up with corn ethanol in some way.

[D]

Right.

[A]

To support the ambitions of corn ethanol producers, the Brazilian government has approved public funding of more than $600 million into expanding the corn ethanol industry over the past six years. FS alone received more than $200 million during that period. The well you drilled was a success story, even a learning experience for the regulatory agency. Please correct me if I'm wrong. This is Eloisa Borges, director of oil, gas and Biofuel studies at the energy research company linked to the Ministry of Mines and Energy in Brazil. She's talking to Daniel Lopez, vice president of sustainability and new business at fs. They're on a panel and they're discussing a carbon capture and storage project that FS is building in Lucas to Rio Verde. FS contacted the National Agency of Petroleum, Natural Gas and BioFuels initially in 2022, requesting authorization to conduct studies on wells in the Paresis Basin in Lucas for the purpose of carbon capture and storage. The license was granted just three days after they made the request. However, this raised questions within the permitting agency itself, with some officials pointing out that the license was very broad and did not explicitly state that the company's ultimate goal was carbon capture and storage. At the time, there were no regulations in the country at all governing carbon capture. There still aren't. It's still being figured out. It was the Fuel of the Future act passed in 2024 that set the mandate of creating those regulations. So after being quickly approved, FS's initial permit for its carbon capture project was suspended. To get around that, a government official advised the legal department of FS to amend the company's articles of incorporation to align with the proposed activity. And it worked. The government reinstated the permit to FS and drilling one ahead. Even without a regulatory framework, That's completely absurd. What the civil servant did is totally unacceptable. He can say that this is the rule, this is how it should be,

[H]

and you don't meet this requirement.

[A]

But he can't suggest that the company do something to comply with the rule. That's Fabiana Augusta, professor of Public Law and director of the Brazilian Bar Association. The Brazilian agency denied that a recommendation was made to FS to amend its articles of incorporation. However, we obtained emails in which three different codes and descriptions of economic activity were suggested by the agency to FS. FS's plans for this project are still underway. In September 2025, some public managers had their travel expenses paid by an association of corn ethanol entrepreneurs to visit successful carbon capture and storage projects in the United States. That was the visit you heard about in episode one. Among the projects they visited was Bruce Rastetter's Midwest Carbon Express pipeline project, which hasn't even started construction yet. It was supposed to be operational by 2024 and they're still waiting to start building.

[D]

FS is promoting regulation, pioneering prospecting, and even drawing on the experience of its partners in the United States. And Summit Carbon Solutions is undertaking a major project to become a large CO2 concentrator. Summit carbon Solutions is pioneering. The pioneer serves as a model for regulators to act upon and together with these observations and other markets, the ANP will be able to regulate here in Brazil.

[A]

Rafael Barros Arrujo is a technical consultant at Brazil's Energy Research Office who participated in the trip to the United States in September 2025, the one we heard about in episode one. Three months after that visit, FS would receive its $78 million loan from the Brazilian Development bank to start burying its carbon in Lucas. Favoritism Luck? Or just a window of opportunity, as business people say?

[F]

So when I come here, Marino and Bruce and everyone when I come here, I actually come with the feeling that Brazil is thriving and trust trusts what we're doing. No one invests if they don't know that later on they will make a profit. They'll have more than legitimate financial advantages.

[A]

These words from then Brazilian President Michel Temer at the inauguration of FS in Lucas do Rio Verde in 2017 seem prophetic. Bruce and his partners marketed the plant's opening as the launch of a sustainable future for the country and the world. But in the nearly decade since, all they've managed to do is turn Lucas to Rio Verde into into a testing ground for questionable green solutions and skyrocket their profits in the process. Remember what agricultural consultant Corey Melby said last episode about what Bruce and his partners at FS think about sustainability?

[C]

They don't give a shit about any of this stuff.

[A]

Just take an opportunity that's in front of them. Lucas future doesn't look promising to everyone. For a lot of locals, it's actually pretty bleak. And what's protecting this corn ethanol boom in Brazil is a thin green veil that separates the haves from the have nots. In this next episode, we're going to take you on a visit to Lucas do Rio Verde and show you the other side of Bruce's business in Brazil. We reached out to Bruce Rastetter, Harold Hamm, the Franz Brothers, Miguel Vaz Ribeiro and all Summit companies and Brazilian government agencies mentioned in this season for comment and have incorporated any responses we received throughout the season.

[E]

Carbon Cowboys Cowboys of the Cerado is a collaboration between Drilled and the Intercept Brazil.

[A]

The show was reported and written by Felipe, Sabrina and me, Amy Westervelt.

[E]

Our editors are Audrey Queen, Queen in the US And Alice de Sousa in Brazil.

[A]

Our senior producer and sound designer is Martin Zaltz Ostwyk. Audio production and sound design in Brazil by Marcia Heberdosa and Felipe Mux.

[E]

Theme song and original music by Eric Terena.

[A]

Additional music by Martin Zaltz Ostwick. Our engineer is Peter Duff.

[E]

Artwork for Drilled is by Matt Fleming.

[A]

US Fact checking from Naomi Barr.

[E]

Brazil fact checking by studio Frontera.

[A]

Our First Amendment attorney is James Wheaton with the First Amendment Project. We are also proud members of Reporter Shield. Big thanks also to Andrew Fishman, President of the Intercept Brazil.

[E]

Drilled is distributed by Pushkin Industries.

[A]

Huge thanks to the team there, including Greta Cohen, Eric Sandler, Grace Ross, Morgan Ratner, Owen Miller, Kira Posey, Jordan McMillan, Brian Schrebernek and Jake Flanagan. To hear the Portuguese version of this series, head over to the Intercept Brazil's site or search for the Intercept Brazil's podcast feed. Wherever you listen to podcasts, Paramount is

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