Petrobras has reduced projects related to the energy transition by R$17.65 billion for the coming years. The value, which was US$16.3 billion (R$87.20 billion, taking into account the price of R$5.35) in the 2025/2029 Business Plan, decreased to US$13 billion (R$69.55 billion) in the 2026/2030 period. This is a decrease of 20.24% and is much larger than the overall decline in the company’s general investments, which saw a decrease of less than 2%, from US$111 billion to US$109 billion.
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According to the state-owned company, there has been a decline in projects that involve reducing emissions in the areas of exploration, production and refining, and contributions to decarbonisation funds, in addition to solar energy, onshore wind and hydrogen initiatives. There has only been an increase in biofuel production.
This decline comes after Brazil hosted the United Nations Climate Change Conference (COP30), held in Belem, which did not mention in its final text a formal agreement to eliminate or reduce the use of fossil fuels.
In so-called “decarbonisation” projects, the investment value – which was US$5.3 billion in the previous plan – fell to US$4.3 billion. This group includes emissions mitigation investments in exploration, production, refining and gas, which fell from US$4 billion to US$3.3 billion. Also included are the company’s contributions to decarbonisation funds, which fell from US$1.3 billion to US$1 billion.
There was also a decline in “low carbon energy” projects, falling from US$5.7 billion to US$3.1 billion. The largest decline came from onshore wind and solar projects, which fell from US$4.3 billion to US$1.8 billion. Moreover, hydrogen projects were reduced from US$500 million to US$400 million. The only group that maintained investment was carbon capture and storage projects, worth $900 million.
Only in bioproducts was there an increase in investments, with greater emphasis on biodiesel and biomethane, which rose from US$600 million to US$1.1 billion. Ethanol and biorefining projects maintained the same values as last year, US$2.2 billion and US$1.5 billion, respectively. Thus, the value of the bioproducts group increased from US$4.3 billion to US$4.8 billion.
On the other hand, the state-owned company said that it will increase its investment in low-carbon research and development from US$1 billion to US$1.2 billion.