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Mitigation
Apr 30, 2020

 

Ecopetrol Group is committed to achieving zero net carbon emissions by 2050 (Scope 1 and 2)

During the last decade, global Greenhouse Gas (GHG) emissions increased at an annual rate of 1.5%. Although the economic slowdown caused by the pandemic reduced GHG emissions, this decrease was temporary and did not significantly reduce the historical accumulated concentration of CO2 in the atmosphere.

In this context, the Ecopetrol Group committed to achieve zero net carbon emissions by 2050 (scope 1 and 2). This objective has intermediate goals and a short, medium and long-term portfolio, with some projects already implemented or under investigation. By 2030, the Ecopetrol Group seeks to reduce its CO2e emissions by 25% (scopes 1 and 2) compared to the baseline established in 2019. Additionally, Ecopetrol seeks to reduce 50% of its total emissions by 2050 (scopes 1, 2 and 3). For the fulfillment of the target, it is estimated that around 30% will be through the development of projects in Natural Climate Solutions (NCS). See more details of this information here.

This commitment is aligned with the company's Climate Change Strategy, which is based on 4 axes and 11 lines of action.

 

Ecopetrol's climate change strategy

 

        OBJECTIVE                                

AXIES

ACTION LINES

Maintain a low-carbon operation and reduce the vulnerability of infrastructure to climate variability and climate change

Mitigation

  • Greenhouse Gas Inventory (GHG).
  • Reduction of GHG emissions from company operations.
  • Compensation of GHG emissions through the development of projects in Natural Climate Solutions.
  • Promotion of the reduction of GHG emissions in the supply chain.
  • Participation in carbon markets.

Vulnerability and adaptation

  • Identification of the vulnerability.
  • Adaptation plan and implementation of adaptation measures.

Technology and research

  • Analysis and evaluation of technologies and technological practices.
  • International technology alliances.
  • Research and technological development.

Participation in the construction of public policy documents

  • Participation in the construction of policy documents at the national level.

Source: Ecopetrol, HSE Vice Presidency

 

Mitigation

To achieve the emission reduction targets, the company implemented a decarbonization plan, which considers actions in the following components:

DIRECT EMISSIONS / SCOPE 1: Corresponds to direct GHG emissions from sources that are controlled by the Company. Within this scope, emissions originated by combustion, fugitives, torches, vents and transportation are reported.

INDIRECT EMISSIONS / SCOPE 2: Corresponds to indirect GHG emissions derived from the generation of electricity purchased from a third party and consumed by the company

 

 

Ecopetrol has reduced 8.4 MtCO2e

Ecopetrol establishes a voluntary annual goal to reduce GHG emissions, based on the identification of projects planned to start operating in the following year. In 2020, the reduction achieved by new projects implemented was 199,847 tCO2e. The total accumulated reduction during the 2010-2020 period is 8.4 MtCO2e.

In 2020, Ecopetrol, with the support of The Nature Conservancy (TNC), advance in the construction of a portfolio of Natural Climate Solutions (NCS) projects to leverage the fulfillment of GHG emission reduction goals by medium and long term.

The NCS prioritized for Colombia, due to their greater potential, are: (i) Avoided deforestation (REDD +), (ii) Forest restoration (includes reforestation), and (iii) Trees in agricultural lands (silvopastoral and agroforestry).

The roadmap to reach the goal of net zero emissions by 2050 includes short, medium and long-term actions in managing the GHG emissions inventory, Natural Climate Solutions and reducing emissions using innovation and technological development.

 

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