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Petrobras Announces Its Ambition to Achieve Carbon Neutrality in Its Activities Within a Timeline Compatible With the Paris Agreement
Yesterday morning, Monday (09/20), Petrobras announced its ambition to achieve carbon neutrality in the activities under its control, within a timeline compatible with the one established by the Paris Agreement. The company also expresses its intention to influence its partners to achieve the same ambition in oil and gas fields where the company is a partner but not the operator. READ THE PRESS RELEASE ISSUED BY THE STATE COMPANY HERE.
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Petrobras’ Ambition to Neutralize Carbon Emissions
Petrobras’ decision aligns with the global positioning of the 12 member companies of the Oil and Gas Climate Initiative (OGCI), a consortium of which Petrobras has been a part since 2018.
Together, these 12 companies, including Petrobras, represent about 30% of global oil and gas production and collaborate to accelerate the transition to a low-carbon economy. With this new initiative, the members aim to achieve emissions neutrality, recognizing that they have many, but not all, of the answers on how to get there.
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In this context, Petrobras, as the largest energy company in Brazil and an important global player, is committed to the transition to a global low-carbon economy. “In the last 11 years, the company improved its carbon efficiency in oil exploration and production by 47% and established itself as one of the most efficient oil and gas producers in the world. To continue making progress in reductions, we are also planning to establish a program specifically aimed at accelerating decarbonization,” highlights Petrobras’ Institutional Relationship and Sustainability Director, Roberto Ardenghy.
The Paris Agreement
Petrobras seeks to continue this trajectory, contributing to the Paris Agreement while maintaining its competitiveness as a low-cost, low-carbon oil and gas producer. In its Strategic Plan 2021-2025, Petrobras anticipates investments of US$ 1 billion in sustainability commitments, involving the decarbonization of operations; the development of more sustainable fuels, such as renewable diesel and aviation biojet fuel; and research in renewable energy and low-carbon solutions.
The Paris Agreement, signed in 2015 by nearly 200 countries, including Brazil, foresees the adoption of climate policies aimed at reducing greenhouse gas emissions, with the goal of limiting the average global temperature rise to below 2°C above pre-industrial levels by the end of the century (with efforts for 1.5°C).
Check Also: Petrobras and Gerdau Sign Contract for Natural Gas Supply in Minas Gerais
On 09/13, Petrobras and Gerdau signed a contract for the supply of natural gas in the free trading environment to support Gerdau’s unit located in Ouro Branco, in the state of Minas Gerais. The contract signed between the companies represents the first contractual migration of a customer from the captive market to the free market and a milestone in the process of opening the natural gas market.
Rodrigo Costa, Director of Refining and Natural Gas at Petrobras, says that the direct agreement between Petrobras and Gerdau materializes Petrobras’ guidance to meet consumer objectives by offering new products and commercial solutions that meet customers’ needs, ensuring reliability, competitiveness, flexibility, and satisfaction for both companies.
For Petrobras, the contract with Gerdau is part of the portfolio of new products launched in 2021, which offers its customers new commercial conditions, enabling them to better manage their natural gas purchasing portfolio. The agreed contract represents the indexing of a mix of products, with validity until 2025.
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