Brazil's state-owned oil company, Petrobras, has entered the voluntary carbon market by purchasing carbon credits to offset its emissions for the first time. The carbon offsets come from the Envira Amazonia project, which aims to protect 39,000 hectares of rainforest in Acre's western state. Petrobras' purchase, worth USD120mn, equates to 175,000 tons of avoided carbon emissions, which corresponds to the conservation of 570 hectares of rainforest. This move is part of Petrobras' broader sustainability efforts and its commitment to achieving net-zero emissions by 2050, with a short-term goal of reducing emissions by 30% by 2030. The company has already made significant reductions in operational and methane emissions.

Source: Carboncredits