Climate Changes: we have a duty to the planet

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Ancora Sobre as Mudanças Climáticas

Our attitudes reflect our commitment to the planet

Our scenarios indicate that there will be persistent global demand for oil in the coming decades — albeit in decreasing volumes. Thus, considering the climate changes in our decisions is an ethical requirement, included in our safety, environment and health, and social responsibility policies.

In this sense, it is our priority to enable new energy solutions and decarbonization, seeking a just energy transition, decreasing emissions, and promoting inclusion and social development. These are some of our actions:

We monitor absolute greenhouse gas (GHG) emissions and the intensity of emissions from our activities and the value chain of our products.
We have had teams dedicated to emissions, the environment and climate change for over 20 years and all assets under operational control are inventoried.
We have a proprietary emissions management system with around 7 thousand sources entered in the system, SIGEA® (Petrobras Atmospheric Emissions Management System), which contains data modules including our emissions inventory.
Our inventory has been published voluntarily since 2002 and verified by a third party annually, and represents our pioneering spirit in the management of greenhouse gases (GHG).
We are also founding members of the Brazilian GHG Protocol Program and publish our inventory in its Public Emissions Registry — we are currently classified with a Gold Seal, a standard of excellence in data quality and availability.

We reduced our absolute operational greenhouse gas emissions by 40% and
methane emissions in the upstream by 69%, between 2015 and 2024. And we continue on the path towards achieving operational emissions neutrality by 2050.

These actions are part of our path towards neutrality of operational emissions in the long term.

Ancora Caderno do Clima

Discover our Climate Change Supplement and see how we are moving towards a just energy transition

In our Climate Change Supplement, you will find complete and up-to-date information about our emissions reduction trajectory and our commitments in the face of the challenges imposed by climate changes. In this document, you can also better understand the current Brazilian and global energy scenario towards a just energy transition.

Ancora Nossos Pilares

Our pillars for carbon management and climate change

Given our scenarios and strategy, our actions related to climate change are supported by the three main pillars.

Transparency, Carbon Management and a Just Transition

Our governance for managing climate change and energy transition risks is structured so that all levels of the company, including senior management, are involved in the matter. We work to ensure that carbon risks and opportunities are adequately captured in scenarios, quantified and considered in our choices and decision-making processes, seeking the sustainability of our business and generating value for all stakeholders.

Oil and Gas (O&G) Competitiveness

We seek to maintain our operations with a decreasing emissions trajectory and with a lower carbon intensity than the main companies in the sector, safeguarding the competitiveness of our oils in global markets in a scenario where demand is slowing down and subsequently retracting.

Low Carbon Business and
Scope 3

Our scenarios point to an unequivocal energy transition, with an uncertain pace. We
believe that reconciling the focus on oil and gas with portfolio diversification in lowcarbon businesses is the most effective and fair path to the energy transition.

Ancora Compromissos de clima

 
Commitments to reduce the carbon footprint
 In 2021, we assumed the ambition of zeroing our net operational GHG emissions within a period compatible with the Paris Agreement, in addition to influencing partners to achieve the same ambition for non-operated assets. Our commitments involve both working on existing assets and designing new projects.
 
 Our six commitments to reduce the carbon footprint, focusing on mitigating climate change, cover 100% of the emissions under our operational control (Scopes 1 and 2), with goals for 2025 and 2030. Learn more about each of our commitments. 
1. Reduction of absolute operational emissions   
 Our goal is to reduce absolute operational emissions by 30% by 2030, compared to 2015, and achieve net zero emissions by 2050. It already considers the increase in production expected for the period and is supported by a set of systemic actions to be implemented in the coming years.
 
 This goal encompasses 100% of assets operated in all our businesses, including power generation, for all greenhouse gases. It is a relevant material contribution, in the short and medium term, to fighting climate change. We also monitor operational emissions only from our oil and gas activities, which do not include calculation of the emissions arising from our operations in the thermoelectricity market.
 
 Including thermoelectricity, our emissions in 2023 were 41% lower than in 2015. Without the inclusion of thermoelectricity, our emissions were 24% lower than in 2015. 
2. More efficiency and fewer emissions in Exploration and Production (E&P)   
 Our commitment is to seek to continue improving the carbon efficiency of our E&P activities, with the goal of reaching 15 kgCO2 e/boe in 2025, maintained until 2030. And we are reaching this goal.
 
 Our emission per barrel has decreased by more than half since 2009, standing at 14.8 kgCO2e/boe in 2024. In the pre-salt, the numbers were even lower: its oil fields are among the least carbon-intensive in the world, with an average of 10
 kgCOze/boe. 
3. More efficiency in Refining   
 In the Refining segment, we set the goal of achieving a GHG emissions intensity of 36 kg CO2e/CWT by 2025, and 30 kg CO2e/CWT by 2030. Between 2015 and 2023, this intensity has already reduced by around 14%! 
4. Zero Routine Flaring   
 In 2018, we disclosed our support to the World Bank's Zero Routine Flaring by 2030 initiative, and fulfillment of its criteria is considered one of our Sustainability Commitments.
 
 All of our new projects adopt concepts of zero flare routine, and we already have a high rate of average use of gas produced: in 2023, the value was 97.6%! 
5. Less emissions and more methane efficiency   
 Our segment carbon intensity goals incorporate different greenhouse gases, including methane. As methane has a very high warming potential in the short term, we monitor this gas with specific metrics.
 
 In this context, we are committed to reducing the intensity of methane emissions in the segment by 62% upstream by 2025 and 70% by 2030, compared to 2015. In practice, our goal is to reach 0.25 tCH4/thousand THC by 2025 and 0.20 tCH4/thousand THC by 2030.
 
 The commitment, which was previously 40%, was revised in our 2023-2027 Strategic Plan. Subsequently, the target was revisited again in the Strategic Plan for the period 2025-2029+, seeking more challenging goals. 
6. CO2 Reinjection   
 As one of our Commitments, we project to achieve a cumulative total reinjection of 80 million tons of CO2 by 2025, which will contribute to technological evolution, cost reduction and demonstration of safety of CCUS technology for application in the oil and gas industry and in other sectors.
 
 Our CO2 reinjection offshore program is considered to be the biggest in the world (Global Status of CCUS 2022), in relation to annual capacity, and has allowed us to increase production efficiency and simultaneously reduce emissions per barrel. In 2024 alone, we hit a new world record by reinjecting 14,2 million tons of CO2 in reservoirs — the largest amount allocated in a single year.
 
 Since the start of the CCUS project, which began as a pilot in the Tupi field, we have already reinjected 53.7 million tons of CO2 in pre-salt reservoirs. 

We seek a just energy transition for the environment and also for people

Oil continues to play an important role in the global energy matrix, but the advancement of fuels and renewable sources is an important and necessary path. Given this, we have implemented initiatives and strategies to reconcile the current focus on oil and gas with the search for portfolio diversification in low-carbon businesses. Find out how we're doing it.