Brazilian oil giant Petrobras has set aside $5.2bn for renewables out of a gargantuan $102bn five-year spending plan.

The latest version of the state-controlled company’s annually updated business plan earmarked the new capital expenditure commitments for wind and solar PV power between 2024 and 2028.

In the previous plan, Petrobras did not designate a specific capex budget for renewables projects that were in the study phase, but said $4.4bn