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TESG at Ecopetrol is:

The contribution and generation of responsible, safe and efficient operations, harmonizing the relationship with the environment and stakeholders; under a framework of transparent and ethical governance, making use of technology for the development of innovative solutions to current and future challenges.

Since 2019, Ecopetrol set itself the task of redefining what sustainability means in terms of generating value for the company and its shareholders.

Today, the TESG strategy is one of the four pillars of the corporate strategy, placing sustainability and technology at the heart of the business strategy and its long-term performance.

This is the new concept of Sustainability. A definition in which Technology (T), leveraged by applied innovation and the revolution brought about by digital transformation, is a key catalyst to accelerate and achieve the necessary changes in a timely manner in the face of social, environmental and governance challenges.

 

 

Our approach - Materiality

Based on environmental, sustainability and governance trends, as well as the analysis of perceptions and expectations of its stakeholders, the Ecopetrol Group identified 28 key elements for its impact on its ability to generate value and for the lives and daily lives of its stakeholders.

These 28 elements are a commitment by the Ecopetrol Group and are grouped into four fronts:

There are three elements through which Ecopetrol seeks to stand out and be recognized in the world for the generation of best practices.  Due to their complexity, capacity to generate collective value and high relevance for stakeholders, they must be managed with the greatest strategic attention:

  • Climate change
  • Integrated water management
  • Local development

We want to stand out with eight elements in which Ecopetrol implements industry best practices to ensure its competitiveness.  The company follows recognized best practices (followers).

  • Health and safety
  • Biodiversity and ecosystem services
  • Attraction, development and loyalty of human talent
  • Circular economy
  • Air quality
  • Fuel quality
  • Energy use and alternative sources
  • Incident prevention and management for operation

Ecopetrol differs from other state-owned companies in Colombia and around the world in four ways

  • Corporate Governance
  • Diversity and Inclusion
  • Business ethics and risk culture
  • Operational continuity system

The management of these thirteen elements for Ecopetrol is framed in the regulations.  These issues must be managed and monitored periodically to understand their performance and ensure compliance.

  • Transparency and compliance risk prevention
  • Disclosure of information
  • Disincorporation of wells and facilities
  • Supply chain management
  • Cultural heritage (Ethical - archeological)
  • Labor standards
  • Real estate rights management
  • Land use
  • Conservation and environmental protection areas
  • Public policy
  • Integrated management system
  • Access to information and citizen participation
  • Prevention and management of incidents caused by third parties

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