Petrobras Debuts In Carbon Credit Market to Offset Emissions (1)

Brazil’s state-controlled oil giant Petrobras is making its much-anticipated debut in the voluntary carbon market, announcing that it has purchased credits from a project dedicated to saving the Amazon rainforest.

A Petrobras gas station in Sao Paulo, Brazil, on Tuesday, May 16, 2023.

Photographer: Victor Moriyama/Bloomberg

Petroleo Brasileiro SA, as the company is formally known, acquired credits that amount to the equivalent to 175,000 tons of avoided greenhouse gas emissions, it said in a statement Tuesday. The purchase corresponds to 570 hectares (1,408 acres) of preserved forest — an area the size of about 800 soccer fields, the company said.

Petrobras has been expected to make its entrance into carbon credit markets as part of ...