Petrobras to launch low-carbon projects in Brazil with focus on solar energy

Brazilian state energy company Petrobras is all set to launch low-carbon projects in the country.

For this, the company has already allocated over $11 billion in its new budget. The amount is double if compared to the previous blueprint.

The company said it will focus on initiatives and projects to decarbonise operations. Besides, it will prioritize the “development and maturation of businesses in the low-carbon energy segment, with emphasis on biorefining, wind energy, solar energy, carbon capture, utilisation and storage (CCUS) and hydrogen.”

According to the company, its board of directors approved the Strategic Plan for 2024-2028, which aims to “prepare Petrobras for the future and make the company stronger by integrating energy sources essential for a fair and responsible energy transition.”

“We have increased Petrobras' total investments responsibly, maintaining a focus on capital discipline and a commitment to keeping debt under control. Additionally, we have directed investments towards low carbon projects with a focus on profitability to generate long-term value,” Petrobras president Jean Paul Prates was quoted in a statement.

He further stated, “The energy transition will unfold gradually and responsibly as we will invest in new energy sources along with our ongoing investments in oil production. This approach is still necessary to meet global energy demands and finance the energy transition.”

In total, it aims to invest the $102 billion, which is 31% more compared to its previous strategic plan.