Climate Changes: our tomorrow starts today
With considerable innovation, we are creating ways to advance on decarbonization and fair energy transition.
Sobre as Mudanças Climáticas
Our attitudes reflect our commitment to the planet
Considering the climate changes in our decisions is an ethical requirement, included in our safety, environment and health, and social responsibility policies.
We have been taking decarbonization actions for more than a decade and have achieved a path of progressive reduction in operational emissions. These are some of our actions:
We have been taking decarbonization actions for more than a decade and have achieved a path of progressive reduction in operational emissions. These are some of our actions:
- We develop metrics for carbon management, in addition to monitoring goals related to gas burning and energy efficiency.
- We have had teams dedicated to emissions, environment and climate change for almost 20 years and all assets under operational control are inventoried.
- We have a proprietary emissions management system with around 10 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.
These actions are part of our path towards neutrality of operational emissions in the long term.
Acordo de Paris
Conciliamos o foco em óleo e gás com a diversificação em negócios de baixo carbono
O setor de Óleo e Gás fornece mais da metade da energia primária consumida mundialmente, e nossos cenários indicam que haverá uma demanda global persistente por petróleo nas próximas décadas — ainda que em volumes decrescentes. A mudança climática em curso impõe a necessidade de ações alinhadas a uma transição energética justa dos pontos de vista econômico, social e ambiental.
Nesse sentido, é nossa prioridade viabilizar soluções em novas energias e descarbonização de nossas operações, buscando emissões decrescentes, promovendo a inclusão e o desenvolvimento social.
Nesse sentido, é nossa prioridade viabilizar soluções em novas energias e descarbonização de nossas operações, buscando emissões decrescentes, promovendo a inclusão e o desenvolvimento social.
The Paris Agreement
To reinforce discussions with our audiences and demonstrate the alignment of our strategies with the objectives of the Paris Agreement, we have prepared our Climate Change Notebook, which stresses the importance of finding profitable diversification alternatives.
The document also provides information on the search for reducing emissions in production, and refining and planning actions to preserve and recover forests. Furthermore, it talks about the Carbon Neutral Program, which seeks to identify and facilitate the best decarbonization opportunities in the portfolio.
Nossos Pilares
Our pillars for carbon management and climate change
Given our scenarios and strategy, our actions related to carbon management and climate changes are supported by the following three pillars:
Transparency: quantified carbon in critical processes
Our current decisions affect carbon performance and value creation in the short, medium and long term. And it is our priority to ensure that carbon risks and opportunities are adequately captured in scenarios, quantified and considered in our choices. This guarantees the sustainability and resilience of our business, which requires attention to the continuous improvement of decision-making processes.
Resilience of fossil position in relation to the low-carbon transition
In our understanding, companies will be more competitive in the long-term market if they are able to produce at low costs and with lower GHG emissions. Thus, they will prosper in scenarios of low oil prices, carbon pricing and possible practices of differentiating oil based on its carbon intensity in production.
Strengthening skills to create value in low carbon
To strengthen our low-carbon positioning, we prioritize investing in skills for the future, decarbonizing our operations and developing bioproducts. We are advancing in the analysis of new businesses that can reduce exposure and dependence on fossil sources, ensuring the company's long-term sustainability.
Compromissos de clima
Climate commitments
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.
This ambition is in addition to our ten sustainability commitments with a 2025 and 2030 horizon, in which six commitments are related to the reduction of greenhouse gases to mitigate the changes in climate.
This ambition is in addition to our ten sustainability commitments with a 2025 and 2030 horizon, in which six commitments are related to the reduction of greenhouse gases to mitigate the changes in climate.
Our emissions reduction 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.
The goal of reducing absolute operational emissions by 30% by the year 2030, compared to 2015, is related to the trajectory of progressive reduction of our operational emissions. 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.
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.
The goal of reducing absolute operational emissions by 30% by the year 2030, compared to 2015, is related to the trajectory of progressive reduction of our operational emissions. 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.
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.
Currently, we have an outstanding performance in GHG emissions intensity in the offshore oil and gas industry, being a low-emission and high-efficiency player, with emphasis on pre-salt fields.
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.
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.
In Refining activities, we set the goal of reducing 16% in the intensity of GHG emissions in refining by 2025 (target of 36 kg CO2 e/CWT), increasing to 30% by 2030 (target of 30 kg CO2 e/CWT). We highlight that actions to reduce the intensity of GHG emissions also have projected gains for reducing emission of other gases (particulate matter, sulfur oxides and nitrogen oxides).
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. We emphasize that we already have a high rate of average use of gas produced, reaching, in 2021, the value of 97.2%.
Our segment carbon intensity goals incorporate different greenhouse gases, including methane. However, given the characteristics of methane, whose warming potential is very high in the short term, we monitor this gas with specific metrics.
In this context, one of the goals in our climate commitments is a 55% reduction in the intensity of methane emissions in the upstream segment by 2025, compared to 2015.
The commitment, previously of 40%, was revised in our 2023-2027 Strategic Plan, in pursuit of more challenging goals. This movement is in line with several initiatives we have partaken in the sector, such as Near zero methane Ambition and the global flaring monitoring panel, of OGCI, and the Zero Routine Flaring initiative, of the World Bank.
In this context, one of the goals in our climate commitments is a 55% reduction in the intensity of methane emissions in the upstream segment by 2025, compared to 2015.
The commitment, previously of 40%, was revised in our 2023-2027 Strategic Plan, in pursuit of more challenging goals. This movement is in line with several initiatives we have partaken in the sector, such as Near zero methane Ambition and the global flaring monitoring panel, of OGCI, and the Zero Routine Flaring initiative, of the World Bank.
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 program offshore is considered to be the largest 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 2022 alone, we broke the world record by reinjecting 10.6 million tons of CO2 in pre-salt reservoirs, equivalent to 25% of the total reinjected by the global industry that year, according to the Global CCS Institute. Since the start of the CCUS project, which began as a pilot in the Tupi field, we have already reinjected 40.8 million tons of CO2 in pre-salt reservoirs.
Our CO2 reinjection program offshore is considered to be the largest 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 2022 alone, we broke the world record by reinjecting 10.6 million tons of CO2 in pre-salt reservoirs, equivalent to 25% of the total reinjected by the global industry that year, according to the Global CCS Institute. Since the start of the CCUS project, which began as a pilot in the Tupi field, we have already reinjected 40.8 million tons of CO2 in pre-salt reservoirs.
Although we do not have commitments relating exclusively to our energy generation activities, we monitor our emissions intensity in these operations. Our electricity generation park is essentially gas-fired and we have highly efficient energy units, with a combined cycle and integrated with our other steam export assets.
As an integrated energy company, we monitor the absolute emissions and carbon intensity of the value chain of our global energy basket. We also consider the carbon performance of each individual product to be relevant, as there are significant differences in the carbon intensity of different oils, natural gas streams and fossil-based electrical energy itself.
We contribute to generating reliable and efficient energy for a sustainable world
To achieve our climate commitments, our strategic model seeks double resilience: economic, in relation to scenarios of low oil prices, and environmental, with high efficiency in emissions. With ethics and transparency, we contribute to a fair energy transition from an economic, social and environmental point of view.
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