Petrobras buys I-RECs to green operations

Brazilian state-run oil and gas company Petrobras (BVMF:PETR4) has bought International Renewable Energy Certificates (I-RECs) attesting that 100% of its industrial and administrative operations in Brazil in 2023 were supplied with renewable sources.

Petrobras has bought hydro, wind and solar energy certificates from local companies AES Brasil, Cemig and Eletrobras, neutralising the scope 2 emissions, the state firm announced on Monday.

Aside from acquiring power from third parties, Petrobras generates power at some of its own locations, such as platforms and refineries.

Petrobras' Director of Energy Transition and Sustainability, Mauricio Tolmasquim, pointed out that the company is committed to having 50% of its generation capacity from renewable projects by 2030 while eyeing operational emissions neutrality by 2050.

I-RECs guarantee that the power supplied to the end-user comes from renewable sources. Each I-REC represents proof that 1 MWh of renewable energy has been produced.

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