Petrobras Makes First Carbon Credit Purchase to Offset Emissions

Petroleo Brasileiro SA, as the company is formally known, acquired credits that amount to the equivalent to 175,000 tons of avoided greenhouse gas emissions, it said in a statement Tuesday. The purchase corresponds to 570 hectares of preserved forest — an area the size of about 800 soccer fields, the company said.

Petrobras has been expected to make its entrance into carbon credit markets as part of a larger decarbonization effort outlined in its most recent five-year strategic plan, which predicts it will invest as much as $120 million in carbon credit acquisitions between 2023 and 2027. It will prioritize the purchase of high-quality, natural-based credits generated in Brazil, according to the statement. The first purchase involved Envira Amazonia, a project that aims to protect the rainforest and help communities within it.Petrobras has set a goal of reducing its total absolute emissions by 30% by 2030.

In 2022, the company tapped the green financing market with a $1.25 billion sustainability-linked loan as it sought to court environmentally-conscious investors.

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