Petrobras launches a new climate supplement and explicitly supports the TCFD
Brazil’s Petrobras has released its second climate supplement, outlining its climate commitments and explicitly supporting the Task Force on Climate-Related Financial Disclosures (TCFD).
Its six climate-related commitments, based on a 2015 baseline, are:
- Zero growth in absolute operational emissions to 2025
- Zero routine flaring by 2030, in line with the World Bank initiative
- Capture and store 40 million tonnes of CO2 by 2025
- Reduce carbon intensity by 32% in exploration and production, reaching 15kg/CO2 by 2025 (a 13% reduction from 2019)
- Reduce methane emissions intensity by 30%-50% in exploration and production by 2025
- Reduce carbon intensity in refineries by 16% by 2025
Petrobras is the first oil and gas company outside Europe to make an explicit commitment to support the TCFD, which it has referenced internally since 2018.