Banco do Brasil and Petrobras announce operations totaling R$6.5 billion, with sustainability commitments

By Petrobras

February 20, 2025

This is a machine translation of the press release originally published in Portuguese

Banco do Brasil and Petrobras signed two Export Credit Notes (NCE) with sustainability commitments, one worth R$3.5 billion and the other worth R$3 billion, both maturing in 2032. In addition to these operations, the companies also announced this Thursday (20/02) the renewal of the Committed Credit Line (Revolving Credit Facility - RCF) worth R$2 billion, originally maturing in 2026, now extended to 2030, and the signing of a Protocol of Intentions aimed at technical cooperation, at no cost to the parties, in the development of projects aimed at decarbonization and biodiversity preservation.

“The partnership between Petrobras and Banco do Brasil demonstrates the strength of the collaboration between two highly relevant Brazilian institutions, joining forces to promote a sustainable future. This initiative reinforces our commitment to the energy transition and the preservation of biodiversity, contributing to the country’s development in a responsible manner and in line with global sustainability challenges,” highlighted Petrobras CEO Magda Chambriard.

NCES contracts include sustainability commitments, through which BB and Petrobras declare that they are committed to long-term strategic planning and to the application of the resources provided for the promotion of biodiversity, biofuels, renewable energy, efficiency and energy transition. Compliance with these commitments will be assessed annually, based on the indicators presented by the companies, through an external consultancy.

"Thanks to our commitment to the sustainability agenda, we were elected the World's Most Sustainable Bank in 2025, for the sixth time. More than just market recognition, this agenda is essential for the transition to a greener, more diverse and inclusive economy. We work not only in granting sustainable credit, but also with consulting and intelligence transfer that allows our clients to advance projects that benefit companies, people and the environment. In this sense, it is crucial to have Petrobras as a relevant partner in this quest, combining pioneering and innovation with social, environmental and climate commitment, without losing sight of our mission to contribute to the development of our country", says Tarciana Medeiros, president of BB.

Banco do Brasil is already net-zero in its direct carbon emissions and is committed to achieving net-zero in its financed portfolio operations by 2050, in addition to expanding its operations in the carbon credit market, focusing on Brazilian biomes. These initiatives strengthen Brazil's commitment to the United Nations SDGs and the international climate agenda, in accordance with the BB 2030 Commitments for a More Sustainable World.

“The contracting of the credit line with sustainability commitments reinforces Petrobras' commitment to socio-environmental responsibility, preparing the company for the future of the energy transition not only in our projects and operations, but also in our financial practices”, highlighted Petrobras' Financial and Investor Relations Director, Fernando Melgarejo.

Memorandum of Understanding

The signing of the Memorandum of Understanding between Banco do Brasil and Petrobras expands the alternatives for supporting energy transition initiatives and reinforces initiatives linked to the concept of "green finance", with a focus on sustainability, actions to prevent climate change and protect biodiversity. The agreement will also encourage the joint identification and assessment of projects, financial structures and financing related to decarbonization and biodiversity preservation.

In November 2024, during the G20, Banco do Brasil and Petrobras Biocombustível (PBIO) had already announced a technical agreement to strengthen the biofuels chain. The technical cooperation agreement aims to promote sustainable practices and explore opportunities in the biofuels sector, ensuring the acquisition of inputs from suppliers and cooperatives.