We are facing a global challenge: To reconcile broadening access to energy while reducing greenhouse gas emissions and energy security within the required deadlines and with acceptable costs for society.
Considering climate change in our planning and decisions is an ethical requirement. It is also a business need for us to remain competitive and profitable in an environment of transition to a low carbon economy with high uncertainty.
We have prepared three scenarios (slow, moderate, and fast energy transition/ ) that guide our vision and projecting how the future of energy can be shaped in this transitional context.
We reaffirm our commitment to providing the power that drives society to its full potential while reducing our emissions’ carbon intensity.
Want to know how we prepare to stay competitive?
Know our publication Climate Change Supplement where we talk about our vision for the future of energy, our strategies, how we manage emissions from our businesses, and how we prepare our processes to mitigate risks and seize opportunities for transition by 2040:
The challenge posed by the transition to a low carbon economy was one of the key drivers for updating our strategic positioning.
The set of our ten strategies emphasizes balance between profitability and risk in this context of deep transformations.
- •Focus on oil and natural gas exploration notably in the Brazilian pre-salt cluster;
- •In the medium term, natural gas trade and use as a source of power generation will gain more relevance in our business, following the trend of this fuel in the energy transition.
- •As a long-term vision, we will analyze opportunities in renewable energies that have synergies with our activities and competitive advantages;
- •Digital technology will permeate our activities with a focus on cost reduction and increased productivity.
REDUCING EMISSIONS FROM OUR OPERATIONS
We have set goals and ambitions for carbon emissions in our operations in our Strategic Plan.
We also disclose perspectives for other indicators, consistent with our vision of minimizing emissions in our operations.
The decisions in our 2019-2023 Business and Management Plan and our 2040 Strategic Planning result in the perspective of reducing the carbon intensity of our value chain.
We adhere to the major global codes of conduct and reporting that work towards the transition to a low carbon economy.
We actively work in partnership with other companies in the industry, and are affiliated with IPIECA (Global Oil and Gas Industry Association for Environmental and Social Issues), the IOGP (International Association of Oil and Gas Producers), and we participate in the Brazilian Petroleum Institute.
In addition, we are members of the Oil and Gas Climate Initiative (OGCI). OGCI-affiliated companies have committed to jointly invest at least $1 billion over the next ten years to develop technologies and initiatives that contribute reducing greenhouse gas emissions.
OGCI’s mission is to leverage the collective forces to reduce the carbon footprint of the power, industry, and transportation value chains through engagements, policies, investments, and deployment of innovation projects.
Reducing the power value chain’s carbon footprint
Accelerating low carbon solutions
Promoting a circular carbon model
The projects sponsored by the Petrobras Socioenvironmental Program, in the Forests and Climate line, are another front line that contributes to the conservation of carbon stocks.