4/3/25, 7:15 PM BNamericas - Brazil's Petrobras, BNDES sign carbon credit deal
Escrito por: NEWS BRAZIL OIL & GAS
Joao Montenegro
Brazil's Petrobras, BNDES sign carbon
credit deal
Publicado : 31/03/2025
Oil & Gas Companies Climate change Development and Integration Bank Downstream
Company Financing ESG Midstream Company Clean Energy Transition Upstream
Company
Brazil's federal oil firm
Petrobras and
development bank
BNDES have signed a
protocol of intent to
contract carbon credits
generated from forest
restoration in the
Amazon rainforest.
Called ProFloresta+, the program will promote the restoration of up
to 50,000ha of degraded areas in the region, capturing around 15Mt
of carbon.
The initial phase includes a call for tenders for up to 5mn carbon
credits, covering 15,000ha, which will generate investments of more
than 450mn reais (US$78.4mn) in restoration alone, as well as
4,500 jobs.
A market consultation was opened on Monday so that interested
parties can contribute to the draft of the first public notice and the
first carbon purchase contract.
"This is a very important initiative for Petrobras and for Brazil. It will
enable us to meet our climate commitments with carbon credits of
high quality and integrity and, at the same time, foster the
development of the restoration sector in the country," Petrobras
CEO Magda Chambriard said in a statement.
BNDES president Aloizio Mercadante said that the program will
contribute to scaling up the restoration of the Amazon rainforest
and the decarbonization strategies of Brazilian companies.
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4/3/25, 7:15 PM BNamericas - Brazil's Petrobras, BNDES sign carbon credit deal
"With the initiative, we will transform forest restoration and
maintenance, making them profitable for companies, for local
communities and, above all, for the environment, combining the
country's environmental and climate demands," said Mercadante.
BNDES will offer financing for reforestation to the developers of
these projects through special credit lines, such as the Climate
Fund, with rates and terms suitable for restoration projects.
Context
Initially, the project will take place in the voluntary carbon credit
market, since the functioning of the regulated environment relies on
the implementation of greenhouse gas emissions trading system
SBCE in the next six years.
This information was confirmed to BNamericas by the Petrobras'
energy transition head Maurício Tolmsaquim.
In a recent interview with BNamericas, Luiz Bezerra, a partner at law
firm Tauil & Chequer, said that the government is studying the
possibility of creating an executive secretariat to regulate the
market in the country.
One of the main initiatives underway in Brazil is RenovaBio, the
national biofuels policy, which establishes the compulsory purchase
by fuel distributors of decarbonization credits, so-called CBIOs.
CBIOs are environmental assets issued by biofuel producers in an
amount proportional to the efficiency score of their certified
production and the volume of biofuel sold.
One CBIO is equivalent to 1t of greenhouse gases not emitted due
to the use of biofuels to replace fossil fuels.
In 2024, by issuing 42.4mn CBIO credits, the same equivalent
amount would no longer be emitted into the atmosphere,
generating 3.9bn reais in financial value.
RenovaBio's target for 2025 will be 40.4mn CBIOs, which means a
reduction of 40.4Mt of carbon dioxide equivalent in the
atmosphere.
Other Petrobras actions
Petrobras' business plan foresees US$16.3bn for energy transition
projects. In addition to low carbon energy projects, it includes
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4/3/25, 7:15 PM BNamericas - Brazil's Petrobras, BNDES sign carbon credit deal
projects to decarbonize operations and research and development,
which permeates all segments (oil and gas exploration and
production, refining).
Besides biofuels, green hydrogen and renewable energy
generation projects under study or in operation, Petrobras avoids
the emission of significant greenhouse gas volumes by reinjecting
CO2 in its oil and gas fields.
Last week, the company announced that it reinjected 14.2Mt of CO2
into the pre-salt reservoirs of the Santos basin last year, compared
to 13Mt in 2023.
According to Petrobras, the reinjected volume corresponds to 28%
of the global capacity reported for 2024.
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4/3/25, 7:15 PM BNamericas - Brazil's Petrobras, BNDES sign carbon credit deal
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