Brazil’s Petrobras has announced that it plans to achieve carbon neutrality in activities under its control, within “a period compatible with that established by the Paris Agreement”. It also intends to influence other companies with which it is partnered to achieve the same goal in joint projects.
Petrobras reported that, over the past 11 years, it has improved its carbon efficiency in oil exploration and production by 47%. The company seeks to continue this trajectory; it plans to establish a program aimed at accelerating decarbonization, said Roberto Ardenghy, institutional relations and sustainability director at Petrobras.
In its 2021-2025 strategic plan, Petrobras forecasts investments of $1bn in sustainability commitments, involving the decarbonization of operations, the development of more sustainable fuels, such as renewable diesel and aviation biokerosene, and research into renewable energy and low-carbon solutions.
Petrobras’ decision is in line with the global positioning of the 12 member companies of the Oil and Gas Climate Initiative (OGCI), a consortium in which Petrobras is a member. Together, these companies represent about 30% of global oil and gas production. The OGCI, led by the presidents of the 12 member companies, aims to drive an industry response to climate change.