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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on March 25 a Memorandum of Understanding (MOU) with Petróleo Brasileiro S.A. (Petrobras), the state-owned oil company of the Federative Republic of Brazil, for the purpose of further strengthening mutual relations, taking the opportunity of President Luiz Inácio Lula da Silva's visit to Japan.
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Petrobras is a national oil company, with the Brazilian government holding a majority stake. It aims to be recognized as a leading company committed to building a more sustainable world and driving energy transition. Petrobras plans to be a diversified and integrated energy company by 2050, reconciling its focus on traditional oil and gas with diversification into low-carbon businesses, including biofuel projects. The purpose of the MOU is to promote Petrobras and Japanese companies’ collaborative projects by strengthening the cooperation between JBIC and Petrobras in sectors such as decarbonization, energy transition, and the environment.
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The Brazilian government has set a goal of achieving net-zero emissions by 2050, and it regards environmental and climate change measures as one of its top priority issues. In May 2024, when the former prime minister of Japan, KISHIDA Fumio, visited Brazil, the two countries announced their plan to establish the Japan-Brazil Green Partnership Initiative (GPI). This effort is expected to promote projects in the fields of decarbonization, energy transition, and environmental preservation with the participation of leading companies from both countries. Against this backdrop, strengthening the relationship between JBIC and Petrobras through this MOU is expected to contribute toward the creation of business opportunities for Japanese companies in the clean energy sector and the protection of the global environment.
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As Japan’s policy-based financial institution, JBIC will continue to provide financial support to create business opportunities and promote business for Japanese companies in a variety of sectors and will work closely with foreign governments and governmental agencies to address global climate change and resolve social issues.
