decarbonfuse Icons/logo

Press Release

Brazil's Petrobras and Miner Vale Have Decarbonization Partnership in Works

Published by Todd Bush on October 16, 2024

RIO DE JANEIRO (Reuters) - Brazil's Petrobras is discussing a partnership with Vale to help the mining company lower carbon emissions, the state-run oil firm's Chief Executive Magda Chambriard said on Monday.

petrobras

>> In Other News: Global Emissions Set to Peak in 2024 Thanks to EVs & Clean Energy Initiatives

WHY IT'S IMPORTANT

The two Brazilian companies are among the largest in Latin America by market value.

Chambriard said the firms will "help each other" decarbonize, with a possible deal in which Petrobras would supply marine fuel and diesel with renewable content for Vale to run its railways, ships, and trucks.

KEY QUOTE

"It's an effort by the two largest companies in Brazil towards decarbonization," Chambriard told journalists.

BY THE NUMBERS

Petrobras is already able to provide marine fuel with up to 24% of renewable content, and diesel with 5%, said Chambriard.

ADDITIONAL CONTEXT

Both Vale and Petrobras are looking for ways to reduce carbon emissions from their operations, with Vale resorting to batteries and renewable energy in its effort.

Petrobras believes it could reach net zero carbon emissions by 2035, said Chambriard, but maintained that its formal commitment is still to do so by 2050.

About PetrobrasPetrobras is a state-owned oil company dedicated to providing energy solutions with a focus on sustainability and innovation.

Icons/external Source

Add Comments

Subscribe to the newsletter

Icons/inbox check

Daily decarbonization data and news delivered to your inbox

Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.


Latest issues

  • Inside Hyundai’s $6B Plan to Flip U.S. Energy

    Inside This Issue 🏗️ Hyundai Unveils $6B Hydrogen-Powered Steel Mill in Louisiana, Aims to Position State as National Energy Leader 🤝 Deep Sky Inks Next DAC Deal in Germany with Greenlyte Carbon T...

  • Is Canada Quietly Winning the Carbon Race?

    Inside This Issue 🍁 Inside Canada’s Quiet Takeover of the Carbon Capture Industry ✈️ Phillips 66 to Supply SAF to British Airways in Calif 💧 HyVera Distributed Energy Launches Green Hydrogen-On-De...

  • This JPMorgan Deal Could Reshape the Future of Carbon Markets

    Inside This Issue 🌍 1PointFive Announces 50,000 Metric Ton Carbon Removal Agreement with JPMorganChase 📊 Carbon Direct Unveils First Empirical Baseline on Carbon Dioxide Removal and Environmental ...

View all issues

Company Announcements

Daily decarbonization data and news delivered to your inbox

Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.

Subscribe illustration