Petrobras, the Brazilian state energy company, has approved a Strategic Plan for 2024-2028, earmarking over $11 billion for low-carbon projects as part of its commitment to a fair and responsible energy transition. The $102 billion investment plan represents a 31% increase compared to the previous strategic plan, with the allocation for low-carbon initiatives more than doubling from the previous blueprint.
The approved plan includes initiatives and projects aimed at decarbonizing operations, as well as the development and maturation of businesses in the low-carbon energy sector. Key areas of focus comprise biorefining, wind energy, solar energy, carbon capture, utilization, and storage (CCUS), and hydrogen.
Petrobras President Jean Paul Prates emphasized the company's responsible approach to increasing total investments while maintaining capital discipline and controlling debt. The strategic plan reflects Petrobras' commitment to balancing traditional oil production investments with a proactive stance toward low-carbon projects, ensuring profitability and long-term value generation.
Prates stated, “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.” The strategic plan positions Petrobras to adapt to future energy dynamics and contribute to the broader goals of sustainability and environmental responsibility.
