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The document analyzes Brazil's Bolsa Floresta Program (PBF), a payment for environmental services (PES) scheme in protected areas in the state of Amazonas. It assesses whether the program meets the typical requirements of a PES and whether it is economically effective and ecologically sustainable. It is found that the payments made do not cover the opportunity costs for providers, resulting in the failure to deliver contracted environmental services. Additionally, the intensification of agricultural activities may lead to the degradation of the traditional agricultural system and the loss of ecosystem services. In conclusion, the study suggests that the PBF may not be effective in the long term in the Uatumã Sustainable Development Reserve.

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