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Brazil's Petrobras and miner Vale have decarbonization collaboration in works

Brazil's Petrobras is discussing a partnership with Vale to help the mining company lower carbon emissions, the staterun oil company's Chief Executive Magda Chambriard stated on Monday.

WHY IT'S IMPORTANT

The two Brazilian business are among the biggest in Latin America by market price.

Chambriard said the companies will help each other decarbonize, with a possible handle which Petrobras would supply marine fuel and diesel with renewable material for Vale to run its trains, ships and trucks.

ESSENTIAL QUOTE

It's an effort by the two largest companies in Brazil towards decarbonization, Chambriard informed reporters.

BY THE NUMBERS

Petrobras is currently able to supply marine fuel with up to 24% of sustainable content, and diesel with 5%, said Chambriard.

EXTRA CONTEXT

Both Vale and Petrobras are looking for methods to minimize carbon emissions from their operations, with Vale resorting to batteries and renewable resource in its effort.

Petrobras thinks it might reach net zero carbon emissions by 2035, said Chambriard, but maintained that its formal commitment is still to do so by 2050.

(source: Reuters)