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Petrobras publishes the 2020 Sustainability Report with advances in ESG

04/08/2021 | 14h56
Petrobras publishes the 2020 Sustainability Report with advances in ESG
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In a year marked by the Covid-19 pandemic and its consequences, Petrobras was able to achieve positive economic results and, at the same time, expand its commitments to sustainability and improve environmental and social indicators, as well as support the fight against the effects of the pandemic in the Brazilian society. The information regarding the company's operational, economic, social, environmental, and governance performance is compiled in the Sustainability Report 2020, published this Wednesday in the English version.


"Petrobras' performance in an extremely challenging year reveals our relentless pursuit of the dual objective of maximizing return for shareholders and society," said CEO Roberto Castello Branco. The document details Petrobras' support for society's actions to fight the Covid-19 by donating tests, hospital and hygiene materials, fuel for ambulances and hospital vehicles, and food for low-income families. The company also made financial donations to scientific projects to fight the pandemic and provided computing capacity to support research efforts. The donations in response to Covid-19 and to other disaster situations in Brazil - such as the floods in the states of Minas Gerais and Espírito Santo, fires in the Pantanal and blackouts in Amapá - totaled, in 2020, the amount of R$25.5 million, donated by Petrobras and its equity stakes, in addition to expenses to carry out the management of these projects.


The concern with employee health is also one of the report’s highlights. In 2020, the rate of recorded accidents per million man-hours reached 0.56, a new benchmark for the global oil industry, and no fatalities occurred in operations.


In the chapter dedicated to climate change, the company reports the advances achieved in 2020 - such as the reduction of absolute greenhouse gas emissions by 5% compared to 2019, consolidating the downward profile over the past few years. Petrobras reached 97% gas utilization (IUGA - associated gas utilization index) in the E&P area and reinjected about 7 million tons of CO2 separated from the gas produced in the pre-salt fields, reaching an accumulated total of 21.4 million tons reinjected since 2008.


In the refining segment, the highlight is the continued improvement of the carbon intensity indicator, with a 3.6% reduction compared to the previous year. Additionally, the Biorefining 2030 program was created, which foresees projects to produce a new generation of more modern and sustainable fuels, such as renewable diesel and aviation biokerosene. In July 2020, industrial scale tests were completed for the production of renewable diesel fuel by co-processing vegetable oil with fossil diesel fuel at the Presidente Getúlio Vargas Refinery (Repar), in Paraná.


Petrobras also voluntarily supports projects that work to recover or directly conserve forests and natural areas and which, among other benefits, promote carbon fixation and avoid greenhouse gas emissions. About 870,000 tons of CO2e is the estimated potential contribution in carbon fixation and avoided emissions referring to the accumulated results (on average, for a 6-year period) of the portfolio of projects in effect in 2020.


The goals related to the Climate Change topic make up six of Petrobras' ten sustainability commitments. In 2020, the company also showed advances in other commitments, such as reducing freshwater capture and zero growth in process waste generation, reducing the volume compared to 2019.


"The word that sums up the past year is “overcoming”. The Sustainability Report proves that, just as we were able to have positive economic results in a year of crisis, we gave great support to society in its demands and expanded our ESG (environmental, social and governance) commitments," said the Director of Institutional Relations and Sustainability, Roberto Ardenghy.


ESG Commitments


The report also highlights Petrobras' support for social, environmental, cultural, sports, and business, science, and technology projects, which, in 2020, totaled R$120 million. Last year, Petrobras started the process of consolidating a set of indicators for its socioenvironmental project portfolio. Among the main results achieved, the highlights are the 303 fauna species protected by the environmental projects, 52 of which are endangered, and the 139,732 people directly served. The environmental initiatives covered 71 terrestrial and marine Conservation Units, with projects that acted in the recovery or direct conservation of forests and natural areas of the Atlantic Forest, Amazon, Caatinga, Cerrado and Pampa. Additionally, the supported projects benefited some 25,000 children aged 0 to 6 years - an investment with a high expected social return.


Also in 2020, Petrobras expanded the initiative to measure the social and environmental return on investments - one of its commitments in social responsibility. The methodology converts into monetary values the environmental, social, and economic transformation that occurred as a result of project implementation. Since 2019, four projects have already been analyzed and add up to a Net Present Value (NPV) of almost R$100 million.


As part of its commitments to human rights, Petrobras published, in June, the Human Rights Guidelines, a document that guides the company's performance in all activities and regions, throughout the life cycle of projects and operations. And, following the guideline of promoting diversity, ensuring respect for difference and equal opportunities in access, remuneration, and career advancement, Petrobras launched, in 2020, a new version of the Gender Equity Plan with the objective of encouraging the occupation of leadership positions by women.


Also in 2020, Petrobras reinforced the governance commitments in its Strategic Plan (governance model that allows the balance between efficiency and control; and act with integrity and transparency, with zero tolerance to fraud and corruption) and approved the Code of Ethical Conduct, which unified the Code of Ethics and the Guide of Conduct. The document represents another step towards strengthening the culture of integrity, as does the Guide of Ethical Conduct for Suppliers, also released in 2020. Also last year, the World Economic Forum announced Petrobras' return to the institution's anti-corruption initiative, the Partnering Against Corruption Initiative (PACI), in recognition of its efforts to promote transparency and combat corruption in recent Years.




The report was developed following the sustainability reporting methodology of the Global Reporting Initiative (GRI Standards). Also used as a complementary methodology was the Guide to Sustainability Reporting for the Oil and Gas Industry from Ipieca, the global oil and gas industry association for environmental and social performance. Among the external documents used for the process of building the initial list and prioritizing the material themes are the SASB Materiality Map®; Task Force on Climate-related Financial Disclosures Overview 2020; World Economic Forum’s Global Risk Report 2020; SAM Sustainability Report 2020 S&P Global; GRI Sector Standard: Oil and Gas Exposure draft 2020; Ipieca Sustainability Guide 2020; “Oil and gas after Covid-19: The day of reckoning or a new age of opportunity?” (McKinsey & Company); SDG Ambition Benchmarks (United Nations Global Compact), among others.


The methodologies' indicators were correlated with the Principles of the Global Compact and with the Sustainable Development Goals (SDGs) of the United Nations.


Click here to access the full report.

Font: Petrobras Agency
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