In Partnership With BNDES, Petrobras Will Invest R$ 50 Million in Forest Restoration Projects

Petrobras Alongside BNDES Will Invest in Forest Restoration Projects of Native Species in Brazilian Biomes

Last Wednesday (11/10), Petrobras announced it will increase its investments in projects aimed at the forest restoration of native species in Brazil’s biomes by approximately R$ 50 million. The state-owned company will invest in projects that contribute to carbon sequestration and fixation as well as to avoid greenhouse gas emissions. Also read this news: Petrobras Announces Investments of R$ 27 Million in Conservation and Forest Recovery Projects

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The State Company Has Partnered with BNDES to Invest in Forest Restoration Projects

This investment from Petrobras, amounting to R$ 50 million, is planned to be executed over the next five years, and is part of the Floresta Viva initiative, a program launched by BNDES. The announcement was made during the forum “Strengthening the Forest Agenda” at the 26th United Nations Climate Change Conference in Glasgow, Scotland. Petrobras had a representative at the event, the Executive Manager of Social Responsibility at Petrobras, Olinta Cardoso. 

The Floresta Viva initiative will be governed under the principle of combining BNDES resources (National Bank of Economic and Social Development) with those of other companies. The partnership between Petrobras and BNDES will total an investment of R$ 100 million, which will be allocated over five years to finance reforestation projects through public selection and shared management.

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Details of the Floresta Viva Program

For the operationalization of the Floresta Viva initiative, a managing partner will be selected through a public call, who will be responsible for the selection notice and monitoring of the projects. The first notice of the Floresta Viva program from BNDES is expected to be launched in the first half of next year (2022). 

Petrobras’s participation in the Floresta Viva initiative aims to expand the socio-environmental investment of Brazil’s largest oil company in Natural Climate Solutions (NCS) focusing on forest restoration. The program’s notices will include environmental and social requirements for the selection of projects, which must align with international certification standards for potential carbon certification.

Currently, Petrobras Already Supports Forestry Projects 

The initiative to invest R$ 50 million in the Floresta Viva project will complement the funding that Petrobras has been providing since 2008 in voluntary projects in the Climate area through the Petrobras Socioenvironmental Program. Currently, the state-owned company supports 17 projects developed in the Amazônia, Mata Atlântica, and Caatinga biomes, totaling an investment of R$ 63 million for the next three years. In addition, it will incorporate four more projects resulting from the 2021 Public Selection, focusing on mangroves and important watersheds for the company’s operations.