Petrobras
NYSE: PBR22Laggard· ProvisionalBrazilian state-controlled oil major and a world leader in deep-water oil production, with ambitious offshore pre-salt expansion plans that dwarf its limited clean-energy investments.
Why it's on ClimateTicker
Petrobras is a state-controlled Brazilian oil major whose core business is the extraction and sale of fossil fuels — primarily deep-water pre-salt crude oil — making it structurally a climate laggard regardless of its sustainability marketing. Its 2050 net-zero ambition and $13B low-carbon investment plan cover only operational (Scope 1/2) emissions and represent roughly 15% of its total capex, while it simultaneously expands production and pursues new frontiers like the environmentally contested Foz do Amazonas basin. Operational emission intensity improvements and methane reductions are real but wholly insufficient to offset the combustion emissions from its sold product, and the company's Scope 3 emissions are not meaningfully addressed.
Commitments & Certifications
Controversy & Greenwashing Watch
Petrobras increased advertising and sponsorship spend five-fold between 2020 and 2025 and hired 72 social media influencers, with critics and state prosecutors accusing the company of using cultural and environmental sponsorships to manufacture social license for expanded drilling.source ↗
Petrobras pursued drilling near the Amazon mouth after IBAMA's technical team recommended definitive rejection; the company used a legal challenge to the federal attorney general's office to overturn indigenous impact study requirements, and campaigners accused it of misleading communities about project risks.source ↗
Petrobras markets its Podium gasoline as 'carbon neutral' using REDD+ carbon credits while simultaneously expanding fossil fuel production; critics including REDD-Monitor characterize this as a misleading claim that obscures the net climate impact of continued production growth.source ↗
Petrobras carries over R$1.3 billion in provisioned environmental litigation including lawsuits from fishermen, the historic P-36 platform sinking, and various public civil actions for alleged environmental damage from its operations.source ↗
Brazil's largest-ever corruption scandal involved Petrobras officials and politicians receiving an estimated $2.1B in kickbacks in exchange for inflated construction contracts, resulting in dozens of convictions.source ↗
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