In Short: Petrobras, the Brazilian state-owned oil company, has announced plans to decarbonize its premium gasoline using carbon credits. This initiative involves offsetting carbon emissions associated with premium gasoline production by investing in projects that reduce or capture an equivalent amount of carbon dioxide elsewhere. By utilizing carbon credits, Petrobras aims to mitigate the environmental impact of its premium gasoline, aligning with global efforts to combat climate change and promote sustainable practices in the energy sector. This approach reflects the company’s commitment to reducing its carbon footprint and contributing to the transition to cleaner energy sources.
In Detail : RIO DE JANEIRO : Petrobras will use the 175,000 carbon credits it purchased last month to make the equivalent of a year’s supply of premium gasoline, Podium, carbon neutral, a company executive said on Wednesday.
Petrobras made its first purchase of carbon credits in September, as part of a broader effort to become more sustainable.
It purchased 175,000 carbon credits from the Envira Amazônia Project in the Amazon rainforest, the company said at the time, adding that it plans to contribute at least US$120 million in carbon credits by 2027. The price paid by Petrobras was not disclosed.
At a press conference this Wednesday, Sandro Barreto, executive sales manager for the domestic market at Petrobras, said that the credits would be used to offset the carbon produced by a year of production of Podium Gasoline.
Premium fuel represents around 1% of sales to customers at stations supplied by Vibra, Petrobras’ main distributor, which has exclusive rights to sell Podium.
As more Podium gasoline is produced, Petrobras will purchase new credits to keep the product carbon neutral, Barreto said.
Carbon credits are tradable permits that allow the owner to emit certain amounts of greenhouse gases. Each credit allows the emission of one ton of carbon dioxide or the equivalent in other greenhouse gases.
Credit certification follows Verra’s Verified Carbon Standard (VCS), the largest certifier of the voluntary carbon market in the world.