Wedoany.com Report-Apr 1, Monday's news highlights a significant collaboration between Petrobras (PETR4.SA) and BNDES, two major players in Brazil's oil and development sectors. Together, they have launched the ProFloresta+ program, designed to support forest restoration efforts in the Amazon region. The initiative combines the purchase of carbon credits from restoration projects with low-interest loans from BNDES, offering an attractive financial package for eco-friendly initiatives.
A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019.
In the pilot phase, the program is projected to generate investments of around 450 million Brazilian reais, enabling the replanting of approximately 15,000 hectares of forest. Petrobras plans to sign long-term contracts with up to 15 firms in July, as part of a tender process to secure these projects. CEO Magda Chambriard emphasized the program's potential to empower green entrepreneurs by providing them with subsidized carbon credits, setting a benchmark for sustainable forest restoration in Brazil.
Carbon credits, tradable permits, allow the emission of certain greenhouse gases, with each permit entitling the owner to emit one metric ton of CO2 or its equivalent in other greenhouse gases. Petrobras, which began purchasing such credits in 2023, uses them to offset emissions from its premium gasoline, Gasolina Podium. This partnership underscores Brazil's commitment to combating climate change through innovative financial mechanisms aimed at preserving and restoring its natural ecosystems.
