Transparency and engagement

Transparency as a Value

We value transparency in our stakeholder engagement, guided by our social responsibility and HSE policies, our Code of Ethical Conduct, and our Ethical Conduct Guide for Suppliers. We systematically monitor and adhere to world-class climate reporting codes such as the Global Reporting Initiative (GRI Standards), the DJSI requirements (Dow Jones Sustainability Index), CDP and TCFD (Task Force on Climate-related Financial Disclosures), as well as our industry guidelines and the reporting and transparency parameters agreed upon in the OGCI (Oil and Gas Climate Initiative).

Global Recognition

We are part of the list of global companies that stand out in climate change mitigation actions, as announced by the international organization CDP, formerly known as the Carbon Disclosure Project. We have voluntarily responded to the questionnaire since 2004, and in 2022 we received an A- rating by CDP in recognition of good practices demonstrated in 2021. For the second consecutive year, we qualified to be part of the Dow Jones Sustainability Index World (DJSI World) from the S&P Global’s Corporate Sustainability Assessment, one of the most important sustainability indexes in the world, which assesses the best social, environmental, and economic management practices. For the sixth consecutive year, we were part of the B3 Carbon Efficient Index (ICO2 B3), an indicator that anticipates the vision of how Brazilian companies prepare for a low-carbon economy.

Cooperation and Dissemination of Knowledge and Best Practices

We actively participate in several initiatives and forums that seek coordinated and collaborative actions on climate change, involving the oil and gas sector internationally and locally, and other segments of the industry and the business sector. In this sense, we are active members of the IBP, IPIECA, IOGP, and ARPEL. Since 2018, we have integrated the Oil and Gas Climate Initiative (OGCI), which brings together twelve of the world’s largest oil and gas companies, responsible for more than 30% of the world’s O&G production. We also seek to cooperate internationally, with the exchange of information and the search for solutions, working together with reference institutions for the promotion of sustainable development.

Workforce Engagement

We develop actions to extend knowledge and opportunities for personal and professional development to employees on Climate Change. In 2022, we launched two Distance Education modules on Climate Change Mitigation, which address the concept of climate change, its consequences, the actions of the energy industry and the industry’s commitments to reduce and neutralize GHG emissions. By the end of 2022, around 70,000 people had completed the two modules, with the participation of 95% of our employees.

Supplier Engagement

We have developed several initiatives to deploy our sustainability commitments to the goods and services supplier market. We improved our communication channels with the market and offered a direct channel for suppliers to present sustainable technological ideas and solutions. We hold monthly live meetings with suppliers to share information and discuss related topics. We annually award the “Best Suppliers” that stand out in performance and sustainable practices. The “ESG Journey for Suppliers” was launched to promote supplier engagement on sustainability issues. The “Carbon Neutral Program” includes the supply chain and encourages the reduction of greenhouse gas emissions. Also, Petrobras is mapping supply chain emissions through an initiative with the CDP Supply Chain to identify areas of opportunity for reducing emissions. In 2022 we were recognized as a leading company in supplier engagement by the international organization CDP. The A- rating, related to the 2022 cycle, was achieved in the Supplier Engagement Rating – SER.