Vale and Petrobras sign Protocol of Intent to accelerate the development of low-carbon solutions
Vale signed a protocol of intent with Petrobras to develop low carbon solutions, taking advantage of the technical expertise of both companies and their synergies, according to the company's release. The partnership is for a two-year period and will assess joint decarbonization opportunities, including the development of sustainable fuels – such as hydrogen, green methanol, biobunkers, green ammonia and renewable diesel - and C02 capture and storage technologies.
The initiative also includes potential commercial agreements for the supply of low-carbon fuels produced by Petrobras to be used in Vale's operations, which could contribute to the company's commitment to reducing its greenhouse gas emissions.
This partnership can help Vale 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.
Petrobras is a Brazilian company and one of the largest oil and gas producers in the world, mainly dedicated to exploration and production, refining, energy generation and marketing. Petrobras has expertise in exploration and production in deep and ultra-deep waters as a result of almost 50 years of developing Brazil's offshore basins, leader worldwide in this segment. The company´s priority is to operate at low costs and with low carbon emissions, reinforcing its commitment to sustainable development for a just energy transition in Brazil. Petrobras’ ambition is to neutralize emissions (scopes 1 and 2) in the activities under its control by 2050.
