The oil and gas sector reinforces its commitment to energy transition at IBP pre-COP30 event in Rio de Janeiro
The study “Transitioning away from fossil fuels in energy systems” was launched in partnership with IBP and ICS and developed by Catavento
The Brazilian Institute of Oil and Gas (IBP) held its first pre-COP-30 event on April 2 in Rio de Janeiro, which was attended by industry leaders, authorities, and experts. On the occasion, there was the launch of the study “Transitioning away from fossil fuels in energy systems”. The document was drafted by the consulting firm Catavento in partnership with the IBP and the Climate and Society Institute (iCS) to contribute to a broader and more assertive debate on the actions and role of the O&G segment in the energy transition and decarbonization in the coming decades.
The president of the IBP, Roberto Ardenghy, considers COP30 to be a call to debate these issues. “We have the opportunity to pursue emissions reductions and strengthen our position on decarbonization, as well as generate resources to finance GHG reduction programs and the future replacement of fossil fuels,” says the executive.
According to him, oil and gas are currently responsible for 80% of the energy generated globally. “Energy evolution is a marathon: we need to prepare, find ways forward, and seek strategies. The transition cannot be a process of social imbalance – the 77 million richest people on the planet emit about 16% of GHG. We reject the idea that the oil and gas sector should not participate in public forums, because we have contributions to decarbonization and energy transition,” he concludes.
Regarding the study, Ardenghy comments that “Since the COP28 in Dubai, when our dialogue on the ‘Transitioning Away’ study began, our analysis has had an academic and well-founded profile to promote information for the necessary debate on global energy transition.”
Victoria Santos (ICS energy and industry manager) highlights her full support for the role of biofuels, in addition to more advanced fuels, and how we should expand this platform in the energy chain to support global decarbonization.
Alice Amorim (head of the COP30 special advisory team) noted that “this is the first of many inputs to come, so that we can begin to implement what was agreed at COP28 in Dubai.” She points out that the transition is not yet fully understood. “What scale do we need to achieve? There are several dimensions to the transition process, and we need to understand them in order to proceed in the best possible way,” she added.
A call for energy transition
Clarissa Lins, founding partner of Catavento, presented the study and said that major producers and emitters of greenhouse gases, such as the United States and Russia, are putting US$ 350 billion in assets at risk.
According to the executive, this is due to the risk that the economies of these nations could be severely impacted in a more carbon-restricted environment soon. This scenario generates, in particular, a possible change in the formulation of global public policies and is directly connected to access to domestic savings and global funds, which are essential for the financing of the transition and may be made more expensive in terms of credit by international rating agencies.
“In the study, we evaluated producers and consumers, which led us to the context of 11 countries in seven different regions of the planet, in order to have a balanced and robust sample of the global O&G market related to the energy transition,” says Clarissa. She argues that it is essential to understand supply and demand, in addition to the need for a five-dimensional analysis to understand all energy transition processes: the relevance of oil and gas production (how it contributes to each country’s export agenda, wealth, and GDP), competitiveness, energy security, emissions profile, and social resilience (how changes should be organized and promoted in the long term).
Decarbonization: a commitment by the private sector
Petrobras’ Executive Director of Exploration and Production (E&P), Sylvia Anjos, highlighted the country’s unique position on the global stage. “In Brazil, the energy sector (including transportation and others) accounts for 20% of emissions. When looking more specifically at oil and gas exploration and production, our industry accounts for only 2% of emissions,” the executive pointed out.
Flavio Rodrigues (Vice President of Corporate Relations and Sustainability at Shell) remarked that the company conducted an eight-month study in 2024 and concluded that greater synergy with the Paris Agreement resolutions is necessary. “Brazil could be a leader in the energy transition and be the first to achieve net zero by 2050. We have been discussing the impact of Artificial Intelligence in the coming years due to the increased demand for energy in this field of technology,” he said.
Andres Guevara (President of bp in Brazil) points out that the company is focused on low-carbon solutions — such as ethanol and SAF— that are aligned with the company’s oil operations in the decarbonization stage. “Brazil is a privileged country with very competitive pre-salt oil, renewables, and a clear policy to open up green technology alternatives through the Fuel of the Future program,” he says. Olivier Bahabanian (president of TotalEnergies) believes that we must decarbonize the oil and gas sector on a large scale and at a faster pace.
Viviana Coelho (executive manager of climate change at Petrobras) points out that oil is a commodity that will be present in the net-zero scenario for decades to come. “We must question how we should insert ourselves into the global energy chain and how we can analyze the energy evolution. We need data to assess this whole scenario,” she adds. Paulo Van der Ven (Director of Operations and Logistics at Equinor Brasil) argued that the transition journey must be deepened and aligned with the development of new green technologies and development paths for innovation in decarbonization.
Fernanda Scoponi (Renewable Business Development Manager at TotalEnergies) believes that the corporate portfolio will be more focused on sustainable energy and emphasized that Brazil has well-structured policies for oil production, providing legal certainty for long-term investments. Willian Nozak (executive manager of integrated energy transition management at Petrobras) remarked that the energy transition is a commitment at Petrobras. He recalled that Diesel R, a renewable fuel, has gained scale in the market. Nozak also mentioned that it is essential to model a carbon capture and storage (CCUS) system in dedicated onshore and offshore projects.
Transitioning away from fossil fuels in energy systems
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