Brazil's Petrobras is shifting its focus towards greenfield renewable energy generation projects under the new leadership of CEO Magda Chambriard. The company's Energy Transition and Sustainability Director, Maurício Tolmasquim, emphasized the importance of investing in projects that have not yet commenced operations, with a strong emphasis on ensuring security and returns through power purchase agreements. Petrobras is set to unveil its strategic plan for 2025-2029, outlining investments in wind and solar power, decarbonization solutions, biorefining, research, development, and initiatives in hydrogen and carbon capture utilization and storage. Tolmasquim highlighted the ethical and strategic necessity for oil companies to diversify their energy sources, given the anticipated decline in oil demand and diminishing sector funding. Petrobras aims to reduce absolute emissions of pollutant gases despite adding new FPSOs, with a dedicated $1 billion fund for decarbonization. The company prioritizes technologies with the lowest cost per ton of CO2 abated, focusing on areas such as mitigating methane leaks and improving FPSO operations.