Petrobras creates climate change division

The board of Brazil's Petrobras has approved the creation of a climate change division tasked with leading the company in lowering emissions, increasing energy efficiency and monitoring climate change.

The new division marks a shift in vision at the highest level of the state-controlled company, which until recently had shrugged off net-zero emissions targets set by industry peers.

The new sustainability division will be paired with the company's existing institutional relations office, and will be led by sustainability manager Viviana Coelho.

"The company's priority is to operate with low costs and emissions and offering its clients accessible energy aligned with the emission-reduction commitments," Petrobras said in a note.

The division will be guided by three pillars: transparency and quantification; resilience of position in oil and gas; and strengthening of competencies aligned with a low-carbon economy.

Petrobras has spoken recently of increasing energy efficiency and reducing water consumption in its refining segment, plans that are expected to be detailed in the company's forthcoming 2021-25 business plan. The firm is also positioning itself for a strategic role in the opening of Brazil's natural gas sector.

Petrobras' consolidated greenhouse gas emissions in 2019 were around 59.1Mt CO2e, down from 78.2Mt CO2e in 2015.

By Nathan Walters