Brazil’s oil giant, Petrobras, has come under intense backlash after posting about $22 billion in profit for 2025 as critics accused the company of double standards in that it promoted “energy transition” to the public but cut budget for renewable energy in reality.
“2025 was extraordinary in terms of production. The increase in oil and gas volume allowed us to offset the effects of the drop in Brent and achieve robust financial results,” Petrobras president Magda Chambriard said in a statement in March.
The company hired influencers to burnish its reputation through a “just energy transition” campaign while allegedly slashing budgets earmarked for renewable energy- related projects.
The projection of a pro-clean fuel image angered protesters who gathered in front of Petrobras headquarters in Rio De Janeiro on Thursday when the company was scheduled to hold its annual general meeting.
In its 2026–2030 business plan, Petrobras slashed funding for energy transition initiatives by 20 per cent, a move that has drawn the ire of environmental groups.
João Cerqueira, director of 350.org Brazil said taxpayers are bearing the brunt of Petrobras so-called multi-billion dollar profit by paying fossil fuel subsidy and the environmental damage caused by the company’s extraction operations.
“They profit billions while we pay: as taxpayers, because we fund fossil fuel subsidies and the environmental damage caused by oil and gas extraction; as consumers, in our electricity, gas and fuel bills — which consume a large share of household income; and as citizens, with public budget increasingly needing to be reallocated to deal with losses caused by climate disasters instead of basic public needs as healthcare and education,” said Cerqueira.
“Petrobras can and must lead more effective actions for the energy transition. It needs to internalize the gravity of the climate crisis and diversify its investments, with concrete action in renewable sources – not just narrative and communications efforts.” —
Suely Araújo, public policy coordinator at Observatório do Clima, similarly said the Petrobras to take actions towards energy transition “not just narrative and communications efforts.”
