Petrobras must set carbon emission targets

Petrobras intends to soon release new medium-term targets for carbon emissions and sustainability, according to Reuters. Recently, the state created a specific management for climate change issues, and has been trying to signal to the market that it is attentive to the theme. This initiative follows the trend of other oil companies in the international market, such as British Petroleum (BP), Shell and Equinor, which have announced long-term plans to zero their net CO2 emissions.

Petrobras already has short-term commitments, mainly until 2025, on the greenhouse effect, which include zero growth in absolute operational emissions and reduction in carbon intensity in its exploration and production area. Now, it seeks to set a longer timeframe. However, it has no plans to set long-term targets, such as rival oil companies that have released targets by 2050.

In addition, although competitors are investing in renewables, Petrobras' performance in this sector should be restricted to research or initiatives in which the state-owned company understands that it is the most competitive company.

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