Brazil’s state-controlled Petrobras could struggle to reconcile its newly adopted sustainability goals with the core deepwater oil business that it sees as critical to maximising shareholder value and staying competitive. Petrobras last month created a climate change division tasked with helping the company to cut a quarter of total operational absolute emissions by 2030, based on the 2015 total of 78.2mn t CO2 equivalent. The division is headed by sustain- ability manager Viviana Coelho. But chief executive Roberto Castello Branco says Petrobras is not aiming to emulate the green strategies of its European peers.
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