1 00:00:17,242 --> 00:00:27,682 Speaker 1: Pushkin. In twenty eleven, Bruce Rastetter headed down to Brazil. 2 00:00:28,482 --> 00:00:32,082 Speaker 1: He was not just another Midwest tourist headed to the Amazon. 3 00:00:32,762 --> 00:00:36,962 Speaker 1: Bruce had pioneered factory farming in Iowa and then done 4 00:00:37,002 --> 00:00:40,482 Speaker 1: the same for biofuels in this thing called carbon capture. 5 00:00:41,322 --> 00:00:44,962 Speaker 1: He's a big Republican donor too, so he went to 6 00:00:45,042 --> 00:00:46,922 Speaker 1: Brazil looking for land. 7 00:00:48,482 --> 00:00:50,802 Speaker 2: So we met with a lot of larger farmers, went 8 00:00:50,802 --> 00:00:54,082 Speaker 2: from Bahia to Tokatines to Mannagros. 9 00:00:54,242 --> 00:00:56,922 Speaker 1: And he flew down with a team of executives. They 10 00:00:56,922 --> 00:00:59,042 Speaker 1: said they were going to help the country get in 11 00:00:59,082 --> 00:01:01,482 Speaker 1: on a gold rush. 12 00:01:02,242 --> 00:01:04,402 Speaker 2: Carbon and its derivatives are going to be really the 13 00:01:04,441 --> 00:01:06,441 Speaker 2: next great commodity that the globe is in to trade. 14 00:01:06,962 --> 00:01:11,482 Speaker 3: It's a huge opportunity, but we won't qualify unless we 15 00:01:11,522 --> 00:01:13,202 Speaker 3: lower carbon asasity scores. 16 00:01:14,002 --> 00:01:17,241 Speaker 1: Over the last couple of decades, climate regulators have worked 17 00:01:17,282 --> 00:01:22,362 Speaker 1: hard to incentivize green energy solutions, and Bruce rest Etter 18 00:01:22,562 --> 00:01:25,282 Speaker 1: knows better than anyone how to take advantage of something 19 00:01:25,362 --> 00:01:29,162 Speaker 1: like that. He's gotten huge government kickbacks by pivoting from 20 00:01:29,241 --> 00:01:33,761 Speaker 1: growing corn to making corn ethanol, and now he's helping 21 00:01:33,762 --> 00:01:38,161 Speaker 1: the ethanol industry get paid for capturing their carbon emissions. 22 00:01:38,642 --> 00:01:43,321 Speaker 2: So this Republican king maker is planning on this get 23 00:01:43,402 --> 00:01:49,602 Speaker 2: rich scheme of US paying him to capture CO two 24 00:01:50,162 --> 00:01:54,402 Speaker 2: at ethanol plants and then shipping it across private land 25 00:01:54,922 --> 00:01:59,401 Speaker 2: and public land and then disposing of it somewhere many 26 00:01:59,442 --> 00:02:00,121 Speaker 2: states away. 27 00:02:00,842 --> 00:02:04,082 Speaker 1: For the last ten years, Bruce and his Brazilian company 28 00:02:04,402 --> 00:02:08,922 Speaker 1: FSBO Energia have been pushing corn ethanol and carbon capture 29 00:02:09,042 --> 00:02:16,522 Speaker 1: in Brazil, even helping to raft Brazilian regulations around it. 30 00:02:15,042 --> 00:02:21,442 Speaker 1: This fs is promoting regulations, pioneering, prospecting, and even drawing 31 00:02:21,482 --> 00:02:26,362 Speaker 1: on the experience of its partners in the United States. Now, 32 00:02:26,482 --> 00:02:29,882 Speaker 1: corn ethanol production and carbon capture are so big in 33 00:02:29,922 --> 00:02:34,202 Speaker 1: Brazil they're the top competitor to the US. But trouble 34 00:02:34,242 --> 00:02:38,282 Speaker 1: back home is threatening to topple Bruce's whole carbon empire. 35 00:02:39,202 --> 00:02:42,642 Speaker 1: Because here's the thing. Corn ethanol has never been a 36 00:02:42,642 --> 00:02:47,442 Speaker 1: climate solution, and the idea of capturing carbon it's kind 37 00:02:47,482 --> 00:02:47,922 Speaker 1: of a joke. 38 00:02:50,442 --> 00:02:55,841 Speaker 3: It's a waste stream first and foremost, and any policies 39 00:02:55,882 --> 00:03:02,082 Speaker 3: that incentivize it's uptake and use risk incentivizing an increase 40 00:03:02,122 --> 00:03:02,882 Speaker 3: in its production. 41 00:03:04,282 --> 00:03:07,282 Speaker 1: Once that carbon gets captured, oil companies send most of 42 00:03:07,282 --> 00:03:10,562 Speaker 1: it underground to extract even more oil so we can 43 00:03:10,642 --> 00:03:15,802 Speaker 1: burn even more fossil fuels and create more emissions. They 44 00:03:15,802 --> 00:03:17,602 Speaker 1: get paid to get the CO two. They earn a 45 00:03:17,642 --> 00:03:19,682 Speaker 1: profit and getting CO two on the ground, and then 46 00:03:19,682 --> 00:03:21,482 Speaker 1: they can use it to you to get well out 47 00:03:21,522 --> 00:03:23,922 Speaker 1: of the ground and earn a prophet on the oil too. 48 00:03:24,602 --> 00:03:27,122 Speaker 1: By the time Bruce got to Brazil, the people of 49 00:03:27,242 --> 00:03:30,402 Speaker 1: Iowa were on to him. The rank and file folks 50 00:03:30,402 --> 00:03:34,122 Speaker 1: on the ground in the Midwest's one big scam, and 51 00:03:34,162 --> 00:03:36,042 Speaker 1: the love of every bone also on the ground. 52 00:03:35,802 --> 00:03:37,402 Speaker 3: And I also think it's a scam. 53 00:03:37,562 --> 00:03:41,162 Speaker 1: Today, Bruce and the world are at a tipping point. 54 00:03:41,402 --> 00:03:45,162 Speaker 1: Will carbon be a commodity traded on the markets, divorced 55 00:03:45,362 --> 00:03:49,282 Speaker 1: entirely from its role as a pollutant? Or will we 56 00:03:49,362 --> 00:03:54,682 Speaker 1: choose a different path? Welcome to Season fifteen of Drilled 57 00:03:54,802 --> 00:03:58,562 Speaker 1: Carbon Cowboys, the story of the ethanol kingpin of Iowa 58 00:03:59,002 --> 00:04:01,962 Speaker 1: who became the king of corn in Brazil, and what 59 00:04:02,042 --> 00:04:05,842 Speaker 1: it tells us about the limits of technology and markets 60 00:04:05,882 --> 00:04:09,522 Speaker 1: to solve the climate crisis. This season is a collaboration 61 00:04:09,642 --> 00:04:13,402 Speaker 1: between Drilled and the Intercept Brazil. You can get the 62 00:04:13,402 --> 00:04:17,722 Speaker 1: Portuguese version over on the Intercept Brazil's feed. Subscribe wherever 63 00:04:17,762 --> 00:04:19,002 Speaker 1: you get your podcasts.