Brazilian state-run oil and gas company Petrobras (<a href="https://www.b3.com.br/pt_br/market-data-e-indices/servicos-de-dados/market-data/cotacoes/?symbol=PETR4" target="_blank">BVMF:PETR4</a>) and the Brazilian Development Bank (BNDES) have commenced studies to structure a corporate venture capital (CVC) fund to invest up to USD 100 million (EUR 92.5m) in renewable power and low-carbon businesses.