Brazilian state energy company Petrobras has allocated over $11bn for low-carbon projects in its new budget.
The company’s board of directors approved the Strategic Plan for 2024-2028 aims to prepare Petrobras for the future and make the company stronger by integrating energy sources essential for a fair and responsible energy transition.
The $102bn it aims on investing is up 31% compared to its previous strategic plan. The $11.5bn for low-carbon projects is more than twice as much when compared to the previous blueprint.
Initiatives and projects to decarbonise operations are included, as well as 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.
“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,” said Petrobras president Jean Paul Prates.
“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.”