Brazil’s Petrobras Signs Agreements with Banco do Brasil to Promote Sustainability and Energy Transition

Brazil’s energy giant Petrobras has recently taken significant steps towards promoting sustainability and advancing energy transition initiatives by signing two credit notes and a memorandum of understanding (MoU) with Banco do Brasil (BB). The agreements aim to fund projects that focus on biodiversity preservation, renewable energy, and efficiency.

The total value of the credit notes, which mature in 2032, amounts to R$6.5 billion (approximately $1.1 billion). Additionally, Petrobras and Banco do Brasil have extended a revolving credit facility worth R$2 billion (around $350 million) until 2030, showcasing their commitment to long-term strategic planning in sustainable development.

Petrobras CEO Magda Chambriard emphasized the company’s dedication to the energy transition and biodiversity preservation, aligning with global sustainability challenges. The partnership with Banco do Brasil signifies a joint effort towards responsible development and environmental stewardship.

BB President Tarciana Medeiros highlighted the importance of providing sustainable credit and consulting services to drive projects that benefit both the economy and the environment. The collaboration with Petrobras signifies a shared commitment to innovation, social responsibility, and environmental sustainability.

Both Petrobras and Banco do Brasil aim to uphold the United Nations’ sustainable development goals and contribute to the international climate agenda through their initiatives. Banco do Brasil has set ambitious targets to achieve net-zero carbon emissions in its financed portfolio operations by 2050.

Furthermore, the signing of a memorandum of understanding between Petrobras and Banco do Brasil underscores their joint efforts in decarbonization and biodiversity preservation projects. The MoU focuses on green finance concepts and collaboration in identifying and financing sustainable initiatives.

In addition to these sustainability efforts, Petrobras recently secured a long-term liquefied natural gas (LNG) sales and purchase agreement with Centrica, further expanding its energy portfolio. The company’s continued focus on innovation and sustainability is evident in its recent oil discovery and operational advancements in the Búzios field offshore Brazil.