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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on November 12 a general agreement
*1 to provide a credit line, with Petróleo Brasileiro S.A. (Petrobras), the state-owned oil company of the Federative Republic of Brazil, amounting to up to USD600 million, of which JBIC's portion is USD360 million, taking the opportunity of the 30th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP30).
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The credit line is extended under JBIC’s GREEN operations
*2 and is intended to provide the funds necessary for decarbonization, energy transition, and environmental projects implemented by Petrobras or its subsidiaries in Brazil.
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Petrobras is a national oil company and one of the largest producers of oil and gas in the world operating at low cost and with a low carbon footprint, with the Brazilian government holding a majority stake of the voting shares. 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.
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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. Brazil is the world's second-largest producer of bioethanol after the United States, and its bioethanol is highly competitive in the international market. Brazil and Japan plan to strengthen their collaboration in the fields of environment and decarbonization, including the launch of a new international framework, the Initiative for Sustainable Fuel and Mobility (ISFM). It aims to achieve carbon neutrality by combining Brazil's high potential in biofuels and e-fuels with Japan's high-performance mobility equipment, such as hybrid engines.
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Additionally, in September 2025, Japan and Brazil co-chaired the first Ministerial Meeting on Sustainable Fuels, held in conjunction with Expo 2025 Osaka, Kansai, Japan. The meeting brought together 34 countries and organizations, reaffirming that sustainable fuels, such as biofuels, play a vital role not only in reducing greenhouse gas (GHG) emissions, but also in contributing toward energy security, economic growth, and job creation. The credit line aims to support Petrobras’s ISFM-aligned initiatives and other decarbonization efforts and create opportunities for collaboration between Japanese companies and Petrobras. It is expected to contribute toward Japan’s economy and national security, as well as the realization of the decarbonized societies that Japan and Brazil are aiming for.
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In the Fifth Medium-Term Business Plan, released in June 2024, JBIC aims to contribute toward realizing both carbon neutrality and economic growth. In addition, in its ESG Policy, released in October 2021, it is committed to pursuing ambitious and accelerated efforts to reduce its operational GHG emissions to net zero by 2030 and achieving net zero emissions of its finance portfolio by 2050. JBIC will make efforts to contribute toward realizing global carbon neutrality by supporting and accelerating energy transitions toward a decarbonized society in emerging and developing countries. The credit line is in line with the Medium-Term Business Plan and ESG Policy of JBIC.
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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.
