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 carbon offsets Petrobras landmark purchased are from the Envira Amazonia project that protects the Amazon rainforest. 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.
In the short-term, the oil major plans to reduce greenhouse gas or carbon emissions by 30% by 2030. The company managed to cut operational emissions by 39% from 2015 to 2022 and a 67% drop in methane emissions for the same period.
For its detailed climate commitments, Petrobras 2050 Net Zero Targets are available here: