By Jeffrey T. LewisSÃO PAULO--Petróleo Brasileiro said Tuesday that it bought carbon credits equal to 175,000 metric tons of the hothouse gas, its first such purchase. The deal is intended to complement the Brazilian oil company known as Petrobras's decarbonization strategy, which includes measures to reduce emissions from operations, develop renewable energy projects and carry out carbon capture and storage. The credits were bought from the Projeto Envira Amazônia, which works to preserve the Amazon rainforest, Petrobras said. The oil company expects to buy up to $120 million of credits through 2027. Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com(END) Dow Jones Newswires09-05-23 1113ET

Source: Wall Street Journal September 05, 2023 15:18 UTC