SAO PAULO, Sept 5 (Reuters) - Brazilian state-run oil company Petrobras said on Tuesday it has made its first ever carbon credit purchase, a move that marks its entrance into the voluntary carbon market.
Petrobras bought 175,000 carbon credits from Projeto Envira Amazonia in the Amazon rainforest, it said in a securities filing, adding it plans to spend up to $120 million in carbon credits by 2027.
Carbon credits are tradable permits that allow the owner to emit certain amounts of greenhouse gases. Each credit permits the emission of one metric ton of carbon dioxide or the equivalent in other greenhouse gases. (Reporting by Gabriel Araujo; Editing by Steven Grattan)
