Climate ambition
Actions
Climate ambition
Jun 28, 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 net-zero 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 reported information.
(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 with respect to the 2019 baseline for Scopes 1 and 2. In addition, 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.
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Global commitments and initiatives
Climate & Clean Air Coalition
In 2014, during the United Nations Climate Summit, the Coalition for Climate and Clean Air's Oil and Gas Methane Partnership - (CCAC OGMP) was launched to help companies in the oil and gas sector reduce their methane emissions.
Ecopetrol joined the CCAC Oil and Gas Methane Partnership in 2018.
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Oil and Gas Methane Partnership - OGMP 2.0
The CCAC OGMP alliance evolved in scope and ambition in November 2020 to become OGMP 2.0, led by the United Nations Environmental Program (UNEP) with the support of the Environmental Defense Fund (EDF) and the European Commission.
Ecopetrol joined the OGMP 2.0 initiative in 2020, which seeks to improve the measurement and reporting of methane emissions to prioritize mitigation actions in the oil and gas sector.
- In 2023, Ecopetrol received the Gold Standard Pathway recognition from OGMP 2.0, for its quality and level of detail in the reporting of methane emissions.
- In 2024, Ecopetrol received the Gold Standard Reporting recognition for achieving the highest level of reporting in accordance with the commitments acquired before the initiative.
More information here
Zero Routing Flaring by 2030
In January 2020, Ecopetrol joined the Zero Routine Flaring by 2030 (ZRF) initiative led by the World Bank's Gas Flaring and Methane Emissions Reduction Partnership (GMFR). This initiative brings together governments, oil companies and institutions that recognize that routine flaring is economically and environmentally unsustainable and agree to cooperate to eliminate routine flaring from production activities by 2030.
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.
- No routine flaring in new oil field developments and maintain a traceable and demonstrable effort to reduce flaring.
- Report annually the flaring volume to the GFMR and the volume of flared gas where the reduction in flaring can be evidenced in Ecopetrol.
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 oil and gas 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 and Total Energies.
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.
The Oil and Gas Descarbonization Charter
During the 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 oil and gas production. Ecopetrol is one of the state-owned hydrocarbon companies to voluntarily join this agreement since its creation.
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 action lines to keep the increase in the average temperature of the earth below 2°C and seek to limit it to 1.5°C. It thus becomes the 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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