Transparency and engagement

Transparency as a value

We value transparency in our work with our stakeholders, guided by our social responsibility and HSE policies, Code of Ethical Conduct, and Guide to Ethical Conduct 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), our industry guidelines such as the complementary reporting methodology of IPIECA (Guide for Voluntary Reports of the Oil and Gas Industry) and the reporting and transparency parameters agreed in the OGCI (Oil and Gas Climate Initiative).

We declare support for the TCFD, an initiative of the Financial Stability Board (FSB), requested by the G20 and announced in 2015, with the mission to develop recommendations for disclosure of financial risks related to climate change for use by companies in providing information to investors.

This Climate Supplement follows the recommendations of the TCFD, covering the four thematic areas of the initiative: Governance, Strategy, Risk Management, Metrics and Targets. Since 2018, we have used the TCFD as a benchmark for our carbon management process and are continually moving towards incorporating its guidelines deeply into our decision-making processes.

Recognition

In 2022, for the second consecutive year, we qualified to join the Dow Jones Sustainability Index World (DJSI World) from S&P Global’s Corporate Sustainability Assessment. DJSI World is one of the most important sustainability indexes in the world, which evaluates the best social, environmental, and economic management practices. Qualifying for the DJSI World recognizes our efforts and initiatives in the environmental, social, and governance aspects.

We are part of the B3 Carbon Efficient Index (ICO2 B3) for the sixth consecutive year. This indicator assesses companies’ commitment to the transparency of their emissions and anticipates the vision of how they are preparing for a low-carbon economy.

Also, to be part of the ICO2 B3 assessment, the company must be part of the IBrx 100 (comprised of the 100 Brazilian companies with the most traded shares on the stock exchange) and report the annual inventory of greenhouse gas emissions.

Petrobras is double A- at CDP 2022

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. In 2022, we received the A- rating in recognition of our good practices carried out in this area and demonstrated in 2021. Under the Supply Engagement Rating (CDP Supplier Engagement Rating), we also obtained an A- this year. CDP is a global reference for investors in providing quality information on risks and opportunities associated with reducing greenhouse gas emissions, climate, water security, and forest management. Currently, CDP is used by more than 680 investors, whose assets total more than US$ 130 trillion.

CDP’s assessment is carried out annually through a questionnaire sent to companies listed on the main stock exchanges in the world, analyzing aspects related to carbon and climate management, water security, and forest management. We have voluntarily responded to the questionnaire since 2004.

Also, the company maintained its A- rating in water security. These classifications mean that we are recognized as industry leaders, a category that is reserved only for companies that demonstrate best practices in addressing environmental issues.