Petrobras Buys First-Ever Carbon Credits, Commits $120M in Brazil’s Carbon Market

Brazil’s state-owned oil giant Petrobras made history in the voluntary carbon market by buying carbon credits for the first time to offset its emissions. The project, which began in 2012, aims to protect 39,000 hectares of rainforest in Acre’s western state.
Petrobras’ $120M Carbon Offset Plan
The Brazilian oil major’s credit purchase is worth 175,000 tons of avoided carbon emissions. An expert noted that this is worth below $1 million. That amount corresponds to 570 hectares (1,408 acres) of conserved rainforest, or equal to 800 soccer fields, Petrobras said.
This first carbon credit purchase is part of the company’s broader push for more sustainability efforts and net zero target. Petrobras aims to reach net zero emissions by 2050.

Petrobras was also able to lower emissions intensity both for its exploration and production (50%) and refining (12%) activities.
Originally, Petrobras unveiled intent to invest up to $120 million in carbon credits as one solution to decarbonize operations. The company will prioritize buying high-quality, nature-based carbon credits. It plans to purchase at least $120M in carbon credits by 2027.

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