Externalidades e análise de rentabilidade em projeto de aterro sanitário de grande porte no Brasil: estudo de caso da Central de Tratamento de Resíduos da região metropolitana do Rio de Janeiro (CTR-Rio)

Abstract

The present work aimed to estimate externality values in a large-scale landfill (10,000 t/day), located in Seropédica (RJ), Brazil, focusing on: (i) greenhouse gas (GHG) emissions; (ii) other atmospheric emissions; (iii) leached; (iv) displacement of pollution; and (v) disamenities. In order to estimate values for the identified externalities, the methods of (i) benefit transfer and (ii) the impact factor model were used. The estimated values were compared with private profitability, analyzed from selected financial indicators (EBIT, EBITDA and Net Income) obtained in the Income Statements for each Fiscal Years analyzed. In the period 2012-2015, the concessionaire responsible (SERB S.A.) presented average annual losses in the range of [R$ 9,434,750.00 (EBIT); R$ 75,114,500.00 (EBITDA)] depending on the indicator used. On the other hand, in the period 2016-2021, the new responsible concessionaire (CICLUS AMBIENTAL S.A.) reported sequential profits, regardless of the indicator used – except in 2016. EBIT averaged R$ 101,765,468.00 per year and EBITDA averaged R$ 23,015,700.00 per year, with an average Net Income of R$ 16,042,045.00 per year. In the period 2012-2021, as a whole, the two companies, together, presented Net Losses in the total amount of R$ 11,897,834.65, with an annual average of R$ 1,189,783.47. The cost-benefit analysis showed an average Gross Operating Revenue/Cost ratio of 1.28 in the period 2012-2021. From different perspectives (sum, subtractions, proportionalities), it was possible to compare private costs with the estimated external costs, in order to indicate different ways to insert them into the economic analysis. GHG emissions had net benefits estimated at R$ 15,658,500.00 per year. The estimated cost of leached was R$ 182,500.00 per year. The displacement of pollution stands out as the greatest external benefit, ranging between R$ 151,767,000.00 and R$ 284,882,500.00 per year - depending on the hypothesis and methodology used. The annual costs of disamenities were estimated at R$ 15,658,500.00 per year.