Petrobras and Vale to seek joint renewable investments

Vale has entered into a protocol of intent with Petrobras, one of the world’s largest oil and gas producers, aimed at jointly exploring low-carbon solutions. The collaboration could see the two evaluating decarbonisation opportunities, such as the development of sustainable fuels (hydrogen, green methanol, biobunkers, green ammonia, and renewable diesel), as well as carbon capture and storage technologies.

This agreement, leveraging the technical expertise and synergies of both companies, also contemplates potential commercial arrangements for supplying low-carbon fuels produced by Petrobras to be used in Vale’s operations, which could significantly contribute to Vale’s commitment to reducing its greenhouse gas emissions.

Eduardo Bartolomeo, Vale’s CEO (on the right), said: “Brazil has all the necessary conditions to lead a large-scale development of low-carbon solutions and renewable fuels, such as green hydrogen and green methanol. Vale is firmly committed to reducing its carbon footprint and wants to be a protagonist in this journey, leveraging relevant actions for the energy transition in Brazil. This agreement with Petrobras fits perfectly into this context.”

Petrobras President, Jean Paul Prates (on the left), added: “Petrobras’ partnership with Vale will be strategic in driving the country’s energy transition. These are the two biggest Brazilian powers joining forces around a common purpose: to develop the most modern solutions to reduce greenhouse gas emissions. We are going to leverage the production capacity, logistical structure and technological expertise of two national giants to boost the production and supply of more efficient and sustainable fuels. This is what we can call being a first mover to materialise our decarbonisation strategy, creating demand and scale for low-carbon solutions.”

This partnership, Vale says, can help it achieve its commitment to reduce its absolute Scope 1 and 2 emissions by 33% by 2030 and achieve neutrality by 2050, in line with the Paris Agreement.

Related Posts
Others have also viewed

Meet the trailblazing women collaborating to save the ocean and increase gender diversity in STEM

In Mauritius, Scotland, Manchester, London, and Australia a group of award-winning women scientists and experts ...

STUDY: UK transport and logistics industry faces sustainability gap admist AI adoption

HERE Technologies, the leading location data and technology platform, today unveiled insights from its latest ...

Einride, Mars partner for Europe’s biggest road freight electrification in FMCG industry

Einride, a freight mobility company that provides digital, electric and autonomous technology, has partnered with ...

BCG and Climeworks sign historic 15-Year carbon removal agreement

Climeworks, a global leader in carbon removal via direct air capture technology, and Boston Consulting ...