Offsetting
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Offsetting
Jan 1, 2024
Offsetting
To support the fulfillment of medium and long-term decarbonization goals, Ecopetrol advances in the development of a portfolio of Natural Climate Solutions projects to compensate residual greenhouse gas emissions.
In addition, guidelines have been defined for the emissions offset of the Ecopetrol Business Group for the use of carbon credits, whose guiding principle is the Hierarchy of Mitigation, which prioritizes avoiding and reducing emissions, before compensating, besides applying principles associated with:
- No-harm action
- Fair and equitable benefit sharing
- Integrity and transparence
The Ecopetrol Group has established that the maximum offset limit to achieve the proposed reduction goals for 2030 and 2050 is 30% of the total required. Such limit will be reviewed based on the issuance of international standards applicable to the oil and gas sector.
The emissions offset in the Ecopetrol Group obeys the following directions:
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Projects in the Natural Climate Solutions portfolio and operational mitigation initiatives for emission reductions for offsetting purposes shall comply with recognised standards and methodologies.
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Carbon credits from forestry projects purchased for offsetting residual emissions must ensure compliance with social and environmental safeguards.
- Ecopetrol created the Carbon Credit Trading Desk, whose objective is to optimize the purchasing management of carbon credits and generate incremental value for the Ecopetrol Group in its decarbonization plans. The Desk facilitates the negotiation of credits by achieving direct and permanent contact with multiple actors that allows more information and better access to the national and global carbon market. This leverages the Ecopetrol Group's objective of becoming a benchmark in the implementation of commercial alternatives that strengthen carbon markets with high quality standards and certification.
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