Climate ambition
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Climate ambition
Jan 1, 2024
Climate ambition
As part of Ecopetrol's efforts to contribute to the Sustainable Development Goals, the Paris Agreement and Colombia's Nationally Determined Contribution (NDC), the company maintains its commitment to achieve zero net GHG emissions by 2050 (scopes 1 and 2) and to move towards a fair and equitable energy transition.
To achieve this, a decarbonization plan has been defined, which includes short-, medium, and long-term actions in:
(i) GHG emissions information management, which includes ensuring the quality, integrity, consistency, and transparency of the information reported.
(ii) Investment in technologies to reduce GHG emissions, based on the identification and implementation of initiatives associated with the optimization of energy consumption, renewable energies, reduction of flaring, fugitive emissions and venting (methane), and development of emerging low-emission technologies.
(iii) Strategic portfolio management, with the implementation of economic instruments associated with GHG emissions and climate change criteria for the incorporation and divestment of assets.
GHG emissions reduction targets
Ecopetrol committed to achieve Net Zero Carbon emissions by 2050 (Scopes 1 and 2) and to reduce CO2e emissions by 25% by 2030 compared to the 2019 for Scopes 1 and 2. Additionally, the Ecopetrol Group will seek to reduce 50% of total emissions (Scopes 1, 2 and 3) by 2050. These goals incorporate specific targets and intermediate targets.
Global commitments and initiatives
Climate & Clean Air Coalition
Ecopetrol is joined to the Climate and Clean Air Coalition (CCAC) since 2018, an initiative created by the United Nations with the support of the Environmental Defense Fund (EDF) and the European Commission, to assist companies in reducing methane emissions. In 2020, they launch the Oil and Gas Methane Partnership (OGMP 2.0) initiative.
Oil and Gas Methane Partnership - OGMP 2.0
In November 2020, Ecopetrol joined the Oil and Gas Methane Partnership (OGMP 2.0) initiative, led by the United Nations Environmental Program - UNEP, which seeks to improve the measurement and reporting of methane emissions through the following commitments:
- Report emissions from 100% of operated assets by 2024 (Levels 4 and 5).
- Report emissions from 100% of non-operated assets by 2026 (Levels 4 and 5).
- Define a methane target that leverages compliance with the sectoral target proposed by CCAC member companies to reduce methane emissions by 45% by 2025 and 60-75% by 2030, over the levels estimated in 2015.
In 2023, Ecopetrol received the Gold Standard recognition from the United Nations Environmental Program - UNEP, for its quality and level of detail in the reporting of methane emissions.
Zero Routing Flaring by 2030
Ecopetrol joined in January 2020 to the "Zero Routine Flaring by 2030" initiative led by the World Bank, which brings together governments, oil companies and institutions that recognize that routine gas flaring is unsustainable from an economic and environmental point of view, whereby the different organizations agree to cooperate to eliminate routine gas flaring in production activities by 2030 at the latest.
By adhering to this initiative, Ecopetrol acquires the following commitments:
- To end routine flaring in existing fields as soon as possible and no later than 2030, provided it is economically feasible.
- Not to carry out routine flaring in new oilfield developments and to maintain a traceable and demonstrable effort to reduce gas flaring.
- Report annually the volume of flaring to the Global Gas Flaring Reduction (GGFR) and the volume of gas flared where the reduction in gas flaring at Ecopetrol can be evidenced.
More information on the initiative here.
Aiming for Zero Methane Emissions Initiative
In November 2023, Ecopetrol joined the "Aiming for Zero Methane Emissions by 2030" initiative of OGCI (Oil and Gas Climate Initiative), which seeks to treat methane emissions with the same seriousness with which industrial and process safety is treated. Around 100 companies participate in OGCI, both in the hydrocarbons sector and in the services and technology sectors. Among the companies in the sector are, Aramco, BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Oxy, Petrobras, Repsol, Shell, Total Energies, among others.
Ecopetrol commits to work towards reducing methane emissions as close to zero as possible by 2030, to transparently report its emissions and reduction progress, to adopt better technologies to detect, measure and monitor methane emissions, and to support the development and implementation of regulation in the countries where it operates and encourage its partners to do the same.
More information on the initiative here.
Oil and Gas Decarbonization Accelerator - OGDA
During the last Conference of the Parties to the Climate Change Convention (COP28), Ecopetrol joined the global sectoral agreement to accelerate the decarbonization of oil and gas - OGDC, ratifying its commitment to address climate change.
This agreement was signed by more than 50 companies, with operations in five continents, representing approximately 40% of the world's hydrocarbon production. Ecopetrol is one of the 30 state-owned hydrocarbon companies to join this agreement.
The OGDC is a sectoral document on the impact that companies have on the decarbonization of the economy and establishes how to commit to clear goals and lines of action that keep the increase in the earth's average temperature below 2°C and seek to limit it to 1.5°C. It thus becomes the reference framework for unifying industry commitments to decarbonization and motivates more oil and gas companies to join these efforts.
More information here.
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