Petrobras launches a new climate supplement and explicitly supports the TCFD
July 9, 2020
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.