Brazil: Petrobras approves new opportunities to use resources from the Decarbonization Fund

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South America / GoM >>> Brazil

23 Apr 2024

Petrobras' Decarbonization Fund will direct resources to installing photovoltaic plants in refineries. Total opportunities financed by the fund already have the potential to reduce emissions by more than 1.5 million tons of CO2 per year

The Petrobras Decarbonization Fund will direct resources towards the implementation of photovoltaic plants at the Gabriel Passos (Regap) refinery in Minas Gerais, the Abreu e Lima (Rnest) refinery in Pernambuco and the Paulínia (Replan) refinery in São Paulo. These decarbonization opportunities are now part of the portfolio of 33 projects financed by the fund, which can reduce emissions by 1.52 million tons of CO2 per year, equivalent to the operational emissions of an entire refinery. The total estimated capacity of the three plants will be around 48MW, with start-up scheduled for 2025.

Petrobras' Decarbonization Fund will direct resources to installing photovoltaic plants in refineries

'The installation of photovoltaic plants integrated into the refinery generation system allows for improved integration and operational reliability, reducing gas consumption and, consequently, greenhouse gas (GHG) emissions, in line with the company's strategic planning for a just energy transition,' says the director of Industrial Processes and Products, William França da Silva.

The investments approved through the Decarbonization Fund portfolio reach all of the company's business areas and boost Petrobras' ability to neutralize operational emissions by 2050. 'Petrobras is a major energy consumer, which is an important lever for our ambition to advance, in the coming years, in renewable generation projects of great materiality, seeking to combine profitable projects with the progressive decarbonization of our activities and our products,' says Petrobras' Energy Transition and Sustainability director, Maurício Tolmasquim.

Decarbonization Fund

The Petrobras Decarbonization Fund was created to support actions to decarbonize the company's operations in the exploration, production, refining, gas, energy, and logistics segments. It currently has a budget of US$ 1 billion available for the five years 2024-2028. Petrobras is committed to reducing its total operational emissions by 30% by 2030 (compared to 2015) and, in the long term, the ambition to neutralize its operational greenhouse gas emissions by 2050 and influence partners to achieve this ambition.

Original announcement link

Source: Petrobras

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