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Risk management in biodiversity and ES

Jun 28, 2024

Imagen 84, Imagen

 

For the Biodiversity and Ecosystem Services area, the risk "Inadequate response to challenges associated with climate change, water and biodiversity" has been identified, which is directly related to the company's Management Strategy and Objectives (TBG).  

This risk refers to the Company's "exposure to negative impacts due to its limited capacity to respond in a timely, efficient, and effective manner to its commitments, obligations, and expectations related to climate change, water, and biodiversity."  

The focus of this risk is connected to the failure to meet the biodiversity-related targets (Natural Capital Management) included in the 2040 Strategy under the Generating Value with Sustainability pillar. The causes are: (i) Limited capacity to adopt increasingly rigorous management and reporting frameworks related to nature/natural capital, and (ii) A dynamic environment, insufficient guidelines, or lack of implementation of these, that mitigate current and emerging risks associated with the generation of natural climate solutions. 

 

To minimize and manage this risk, Ecopetrol has implemented its main action: "Updating and implementing the biodiversity and ecosystem services roadmap, with activities aimed at strengthening the company's natural capital management, innovation through technologies and tools, and training at all organizational levels, to advance toward a positive impact on biodiversity." 

 In detail, the management of this risk has been developed through the following actions: 

  1. The approval of the updated biodiversity and ecosystem services roadmap. 

  1. Guidelines for natural capital risk management and Zero Net Deforestation (ZND) designed and implemented for project planning and evaluation, as well as in the supply chain (HDR CC and Water Alignment). 

  1. Biodiversity impacts and dependencies identified in assets with partners, subsidiaries, and the supply chain. 

  1. Economic assessment of the management of risks associated with the implemented natural capital (HdR CC and Water Alignment). 

  Detailed Treatment Actions (TA) associated with the Risk “Inadequate response to challenges associated with climate change, water and Biodiversity”: 

  1. Updating the biodiversity and ecosystem services roadmap. 

  1. Updating the strategic pillar of biodiversity and ecosystem services. 

  1. Natural capital management guidelines for the Ecopetrol group. 

  1. Identify and quantify reporting gaps within the natural capital risk management framework, in line with TNFD. 

  1. Generate guidelines for suppliers in the management of natural capital. 

  1. Definition of prioritization criteria for impacts and dependence on Ecopetrol assets. 

  1. Definition of impact prioritization criteria and dependencies on assets with partners, subsidiaries, and the supply chain. 

  1. Define the methodology for the economic assessment of risks associated with natural capital (HdR CC and Water Alignment). 

Opportunities and risks associated with Natural Capital

Articulation between Ecopetrol and the TNFD 

Ecopetrol is committed to disclosing its impacts, dependencies, risks and opportunities related to Nature, following what is indicated in Target 15 of the Kunming-Montreal Global Biodiversity Framework (GBF), which calls for “Take legal, administrative or regulatory measures to encourage and facilitate business activity, and in particular ensure that transnational corporations and financial institutions monitor, analyze and disclose transparently and regularly their risks, dependencies and impacts on biodiversity, including requirements for all large corporations and financial institutions, along with their operations, their supply and value chains and their portfolios.” 

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  • Ecopetrol is one of the 40 members of the TNFD 
  • Early Adopters in 2021 
  • Participation and feedback on the TNFD beta framework in 2022 
  • Implementation of two pilots associated with the TNFD (Resilience and LEAP) in 2023 link pilots 
  • National Contribution for the strengthening of companies in the application of the TNFD Framework – Agreement with ANDI ( HdR-2030 ) 

 

In 2021, the Taskforce on Nature-related Financial Disclosures (TNFD) was established. This is a global, market-oriented initiative, supported by science and government support, focused on developing and providing a risk management and disclosure framework for organizations to report and act on evolving nature-related risks. 

Nature-related issues are site-specific, so the TNFD suggests assessing them locally for each context. This will help understand the location of activities' interactions with nature, understand their impacts, and thus analyze and manage all nature-related issues. 

For more information about the TNFD, visit the following link: https://tnfd.global/ 

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Ecopetrol's interests in the articulation with the TNFD

 LEAP Comprehensive Approach 

LEAP is a comprehensive approach to analyzing nature-related issues. Its name, LEAP, stands for Locate, Assess, Analyze, and Prepare, which comprise the methodological process for managing nature-related risks in organizations. 

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Taskforce on Nature-related Financial Disclosures (2023)

 

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