Petrobras reiterates commitment with low-carbon economy

Petrobras today (Sep. 20) announced its ambition to reach neutrality in greenhouse gas emissions in the activities under its control in a term compatible with those established in the Paris Agreement, a treaty negotiated during the COP21 in 2015 at the United Nations Framework Convention on Climate Change.

The commitment includes policies to cut the emission of such gases and limit the average increase in global temperature to 2ºC above pre-industrial levels by the end of this century, with efforts to go as far as 1.5ºC.

The oil giant also expressed its intention to urge partners to meet the same goal in oil and gas fields where the company is present but not in charge of operations.

“The decision of Petrobras is in line with the global stance of the 12 member companies of the Oil and Gas Climate Initiative, a consortium joined by Petrobras in 2018. Together, these companies account for approximately 30 percent of the global oil and gas production and contribute to speed up the transition to low carbon. With this new initiative, members seek to reach neutrality in emissions, recognizing they have many, though not all, the answers regarding how to get there,” the note reads.

In this context, the statement goes on, Petrobras, as Brazil’s biggest energy company and an important global player, is committed to the transition to a low-carbon global economy.

“In the last 11 years, the company enhanced its carbon efficiency in oil exploration and production by 47 percent and established itself as one of the world’s most efficient oil and gas producers. To make further progress, we are also planning on implementing a program dedicated to accelerating the decarbonization process,” Director of Petrobras’s Institutional Relations and Sustainability Roberto Ardenghy said in a note.

In its 2021–2025 Strategic Plan, the company outlines $1 billion investments in sustainability goals, including decarbonization in operations, the development of more sustainable fuels—like renewable diesel and aviation biokerosene—as well as research into renewable energy and low-carbon solutions.