Updated Nationally Determined Contribution

Pursuant to its updated Nationally Determined Contribution (“NDC”) under the Paris Agreement, Brazil has set an economy-wide target of reducing its net GHG emissions by 59 to 67 percent below 2005 levels by 2035 (which is consistent, in absolute terms, with an emission level of 1.05 to 0.85 GtCO2e according to the most recent inventory data). The NDC covers the following GHGs: carbon dioxide, methane, nitrous oxide, sulphur hexafluoride, perfluorocarbons, and hydrofluorocarbons.

In relation to reduction in methane emissions, the NDC highlights that the National Council for Energy Policy has approved guidelines to promote the decarbonization of oil and natural gas exploration and production activities (CNPE Resolution No. 8 of August 26, 2024).

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