ESG Risks are increasingly prominent among civil society, heads of state, intergovernmental organizations, and the world of corporate investments. Therefore, business models increasingly include a strategic approach that takes into account the externalities generated in environmental and social aspects, with the real concern of carrying out a transition to a sustainable business model. This study aims to use the Value Driver Adjustment Approach model developed by Willie Schramade (2016), who developed a questionnaire as a tool to integrate sustainability into investment analysis, through qualitative and quantitative ESG aspects. This process is proposed through understanding how ESG aspects affect the business model, competitive position, strategy, and value drivers. In this work, the Value-Driver Adjustment Approach Model was applied to the company Raízen, a leader in the biofuel segment. As a result, Raízen showed to be capable of making a transition to a sustainable business model from a financial, environmental and social perspective, and possibly being an example for other companies in the same sector, as it has financial conditions, technology, human capital, in addition being a leader in the biofuels segment. With the introduction of ESG risks and opportunities in the valuation, it was observed sales growth, better margins and ROIC.