Postdoctoral Researcher Marcelo Guzella’s Study on Sustainable Development and Innovation wins the BID-SBFin Award


The article “The authentic Bee-Coin: A tokenized financial instrument for revenue-generating projects with social or environmental impact” by FGV EBAPE postdoctoral researcher Marcelo Guzella, co-authored by UFMG researchers Geraldo Fernandes and Yumi Oki won first prize in the First Edition of the BID-SBFin Award, a partnership between the Inter-American Development Bank (IDB) and the Brazilian Society of Finance (SBFin). The study addresses the issue of improving impact bonds, which are used for public policies in several countries.
The award encourages the development of academic research on financing, sustainable development, and innovative proposals with viable solutions.




The proposed model is an improvement of the impact bonds used for public policies in several countries. We adapted the incentive system and the relationship between risk and return of projects that generate revenue, linking compensation for socio-environmental impacts. We also proposed tokenizing the fractions representing the ownership of projects to provide more transparency and traceability for this compensation. The study simulates the effects of this mechanism in a decentralized beekeeping project conceived in Minas Gerais, obtaining interesting results. CODEMGE is contributing to the structuring of the project and prospecting for investors. Our model can also be used in projects involving other cultures and sectors, generating diversification gains and the possibility of selecting the most effective interventions,” explains Marcelo Guzella.

For Guzzela, who works at CODEMGE (Companhia de Desenvolvimento de Minas Gerais), the award demonstrates the recognition that he and his co-authors are on the right path in terms of project design and the use of compensation systems for socio-environmental impact. The model does not de-risk the project or guarantee its viability but signals the idea’s value – tokenization for ESG – public research and innovation, and public-private partnerships.

When talking about the post-doctorate program at FGV EBAPE, Guzzela pointed out that the program has been crucial in advancing his research and teaching objectives. In his words, “Besides contributing to the development of research that integrates the concepts of finance and strategy, FGV EBAPE has created conditions for expanding knowledge and interacting with a renowned faculty. I am deeply grateful to the institution, particularly to my advisor and the program coordinator, professors Olivier Bertrand and Lars Norden.



FGV EBAPE’s postdoctoral program seeks to attract researchers interested in leveraging their knowledge and skills in an environment that encourages high-quality research. It focuses on researchers who wish to improve their skills, becoming more competitive in the job market in general and within the institutions in areas such as behavioral and decision-making sciences; strategy, management, and organizations; Finance; and institutions, politics, and government). Access the program’s webpage



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