Introduction - Strategy Dimension

Our sustainability strategy is based on the firm commitment to accelerate the decarbonization of our company and to always act in an ethical and transparent manner, with safety in our operations, respect for people and the environment and with a focus on generating value. Therefore, six of our 10 sustainability commitments are carbon related. We have four other commitments associated with water security, biodiversity conservation, waste management and social responsibility, the latter of which includes investments in socio-environmental projects, human rights programs, community relations and contribution to the solution of social and environmental problems, involving opportunities of action with our stakeholders and customers of Petrobras products.

The commitment to sustainability is shared throughout the organization and permeates our recognition and reward mechanisms. Through our top metrics, the compensation of all our employees is affected by their sustainability performance, which has challenges associated with value creation, reduction of emissions and leakages, and safety.

We pay special attention to the challenges of energy transition. Petrobras contributes to climate change mitigation:  (i) investing resources and technologies in the production of low carbon oil in Brazil, generating energy, foreign exchange reserves, and significant wealth to finance responsible energy transition; (ii) investing in the ability to offer gas and dispatchable energy to enable the high share of renewables in the Brazilian electricity matrix; (iii) investing and prospecting new possibilities in products and businesses with lower carbon intensity; (iv) promoting research and development of new technologies and low carbon solutions and (v) investing in socio-environmental projects for the recovery and conservation of forests.

To conduct our business in an ethical and transparent manner, with safety in our operations and respect for people and the environment, in addition to establishing strategic sustainability developments, we have built ESG governance and management, presented in this initial dimension of our report. In addition to establishing governance commitments that involve our corporate governance and integrity.

Therefore, in the Strategy dimension, we present the Sustainability at Petrobras chapter, which details our commitments and goals, Risk Management and Sustainability Governance, highlighting our main management mechanisms, and the Sustainability Performance chapter, with our main ESG results.

In these opening chapters we also find one of our material topics: Active and Transparent Communication, since the demands of our stakeholders are considered in our management and in our report, as well as in the Materiality chapter, which describes the specific process of surveying our material topics.