Petrobras has bought 175,000 carbon credits and entered the market. This move marks its entry into the voluntary carbon credit market.
Each credit stops one ton of CO2 from entering the atmosphere. In total, this means 175,000 tons of greenhouse gases are not released.
The credits equal saving 570 hectares of the Amazon rainforest. This is about the size of 800 soccer fields.
These credits come from the Envira Amazônia project in Feijó, Acre. This project focuses on conserving the Amazon and helping local people.
(Petrobras has bought 175,000 carbon credits and entered market)
Petrobras plans more action in the carbon market. By 2027, the company aims to invest up to US$120 million in carbon credits.
Petrobras seeks to strengthen its green strategy. This includes lowering emissions and focusing on renewable energy.
The company will mainly buy high-quality, nature-based credits in Brazil. These credits meet strict global standards for integrity and benefits.
Verra, a global certifier, approves these credits. The company follows the Verified Carbon Standard (VCS).
This ensures the credits are genuine and can be tracked electronically.
Background
Petrobras has been a key player in Brazil’s energy sector for years. It was founded in 1953 as a state-controlled company.
Over the years, the firm has faced various challenges, including corruption scandals. Yet, it remains crucial for Brazil’s economy and energy supply.
It is one of the world’s largest oil producers.
The carbon credit market has been around for two decades. It was created to incentivize emission reduction globally.
Companies buy credits to offset their own CO2 emissions. This system supports environmental projects like reforestation.
The Amazon is vital for global climate stability. However, it faces threats like deforestation and wildfires.
Programs like Envira Amazônia work to protect it. Buying credits from such projects also helps local communities.