Wednesday, February 8, 2023
spot_img
HomeEnvironmentPetrobras commits to net-zero carbon emissions

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Petrobras commits to net-zero carbon emissions

Brazilian state-controlled Petrobras is the latest national oil company to commit to becoming carbon neutral, in line with the 12-member global oil and gas climate initiative (OGCI), of which Petrobras is a signatory.

The company’s carbon-neutral target applies to its scopes 1 and 2 operations, which include greenhouse gas (GHG) emissions from company-owned and controlled operations as well as indirect emissions from energy purchases from third-party suppliers. Petrobras also pledged to work with its partners in non-operated areas to help them reduce emissions. The goal will be met “in a timeframe compatible with that established by the Paris Agreement,” Petrobras said today.

The company said it boosted carbon efficiency in exploration and production by 47pc over the past 11 years. In its 2020 sustainability report, released in April, the company said it is targeting a 25pc reduction in total emissions by 2030.

Petrobras committed to investing $1bn to reduce its carbon footprint during the 2021-25 period, according to its most recent five-year plan, issued in November.

The company’s announcement comes amid growing pressure on the industry to step up verifiable commitments ahead of the COP26 climate conference in Glasgow, Scotland, in November.

Petrobras’ public-private ownership structure puts the company under more scrutiny than many other NOCs. Part of its shares are trading on the New York stock exchange. By the end of 2021, the US Securities and Exchange Commission (SEC) is aiming to vote on a proposal to require publicly traded companies to disclose their climate risks, including potentially all of their direct and indirect greenhouse gas emissions.

Elsewhere in Latin America, Colombia’s state-controlled Ecopetrol unveiled in March its pledge to reach net-zero carbon emissions by 2050.

[argusmedia]

Related Posts

Video

Finance & Economy
Shipping News
Ports

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted Loss per Share of $(1.12). These results exceeded the company's...

Frontline: Emergency Arbitration claims initiated by Euronav fully dismissed

Frontline plc, formerly Frontline Ltd., announces that the Emergency Arbitration claims filed by Euronav have been fully dismissed by the Emergency Arbitrator. The decision was...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

LNG boosts CPLP 2022 results

Capital Product Partners L.P. released its financial results for the fourth quarter ended December 31, 2022. Highlights  Three-month periods ended December 31, 20222021Increase/(Decrease)Revenues$79.9 million$63.6 million26%Expenses$42.1 million$35.7...

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Royal Caribbean set for record bookings after smaller loss

Royal Caribbean Group reported fourth quarter 2022 Loss per Share of $(1.96) and Adjusted...

Baltic Index Extends Fall On Lower Rates For Panamax, Supramax

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits nearly three-year low on weaker vessel demand

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Clarkson Port Services acquires offshore renewable energy service provider, DHSS

Clarkson announced that its wholly owned subsidiary, Clarkson Port Services, has completed the acquisition of DHSS, a leading provider of integrated logistics services to...

DP World reports solid volume performance in 2022

DP World Limited handled 79.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in full year 2022, with gross container...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...