During Petrobras’s Annual General Meeting on April 16, 2026, protesters gathered outside its Rio de Janeiro headquarters. These activists, representing various civil society groups, called for a fair energy transition and climate justice.
Petrobras reported impressive profits of over BRL 110 billion (about US$ 22 billion) for 2025. However, critics highlight a significant contradiction: the company has been hiring influencers to advocate for a “just energy transition” while slashing its budget for renewable energy projects.
In March 2026, Petrobras president Magda Chambriard emphasized expanding fossil fuel production. She noted that increased oil and gas output helped counteract declining Brent prices, leading to strong financial results. Yet, this announcement came just days before the 1st International Conference on the Transition Away from Fossil Fuels, set for April 24-29, 2026, in Santa Marta, Colombia. Brazil is a key participant in this event and continues to hold the presidency of the UN Climate Conference (COP) until November.
Petrobras’s 2026–2030 Business Plan reveals a 20% cut in funds intended for the energy transition. This decision goes against Brazil’s global commitments to reduce emissions. Moreover, the company plans to expand exploration near the Amazon River and along the northern coast, raising environmental concerns.
Experts suggest that Petrobras could shift away from fossil fuels. A position paper titled “The Petrobras We Need,” released by Observatório do Clima in September 2025, urges the company to diversify its focus and invest in low-carbon fuels instead of new refineries.
João Cerqueira, Director of 350.org Brazil, points out the financial burdens placed on taxpayers and consumers due to fossil fuel subsidies. Rising utility costs and resources diverted to address climate-related disasters strain public budgets and critical services like healthcare and education.
Suely Araújo, Public Policy Coordinator at Observatório do Clima, stated that Petrobras needs to take real action for the energy transition. She challenged the company to integrate renewable sources into its business strategy rather than just relying on marketing and communication efforts.
Shigueo Watanabe Jr., a researcher at ClimaInfo, warned that the recent conflicts involving the U.S. and Israel have exposed vulnerabilities in fossil fuel reliance. He emphasized that Petrobras’s plans for fossil fuel expansion, especially in environmentally sensitive areas like the Amazon, threaten not only the environment but also the company’s long-term financial stability.
As global pressure mounts for energy transition, the actions of companies like Petrobras will be crucial. The world is watching to see if they can balance profitability with responsible environmental stewardship.
For more insights, you can explore the Observatório do Clima report.
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activists,Brazil,Climate Justice,Just Energy Transition,Petrobras
