RIO DE JANEIRO. KAZINFORM Petrobras reported it marked its entry into the voluntary carbon market by purchasing credits equivalent to 175 thousand tons of avoided emissions. The operation corresponds to the preservation of 570 hectares of the Amazon forest—the size of 800 football fields like the Maracanã stadium.
The credits were acquired from the Envira Amazônia project, headquartered in Feijó, Acre state, and dedicated to the preservation of the forest and the development of local communities, Agencia Brasil reports.
The company’s Strategic Plan 2023–27 includes other operations in the carbon market, with total investments of up to $120 million in the acquisition of credits expected by 2027.
With the purchase of carbon credits, the state-run oil giant’s goal is to bolster decarbonization on various fronts, like reducing emissions in operations, supporting renewable energy projects, as well as carbon capture and storage.
According to Petrobras, the guidelines for the next Strategic Plan 2024–28, currently under development, favor the search for profitable opportunities to expand investment in low carbon, aiming for six to 15 percent of the company’s global investment.
«We want to make an incisive contribution to Brazil’s energy transition. With each stride toward the use of clean sources, carbon capture and storage, and investment in decarbonization, we are creating a future in which the economy prospers in harmony with the planet,» Petrobras CEO Jean Paul Prates said in a statement.
Petrobras believes in the carbon market as a vital instrument in combating climate change, he added. «We know that Brazil has immense potential to lead this segment precisely because it’s one of the countries with the greatest biodiversity in the world,» he argued.
According to Energy Transition and Sustainability Director Maurício Tolmasquim, the priority will be to acquire quality natural-based credits generated in Brazil that contribute to the conservation and recovery of Brazilian biomes. «We want to ensure that the credits used generate climate, social, and environmental benefits for the country in a transparent and traceable way,» he stated.