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TESG strategy is based on a rigorous materiality analysis.

Apr 1, 2022

In 2020, Ecopetrol carried out a rigorous materiality analysis based on the understanding of ESG trends, information that was later complemented with the analysis of stakeholder perceptions and expectations. To this exercise was added the identification of 54 material elements for the energy industry and the hydrocarbon sector according to indexes, standards, and reporting and disclosure methodologies that Ecopetrol uses and others in which it is analyzed and evaluated by third parties.

The company carried out a materiality analysis in which it evaluated the generation of value of these elements in terms of economic and/or reputational value, their inherent risk, and the perceived risk of not managing them adequately. Implications were also considered, such as whether the management of the element responded to regulatory compliance or was voluntary, among other criteria that allowed measuring the impact of the element on the generation of value for Ecopetrol.  

Thus, after a materiality analysis that analyzed ESG trends, stakeholder perceptions and expectations, the elements evaluated for the industry in different globally recognized ESG standards and instruments, and other implications such as regulation or voluntariness, Ecopetrol identified 28 material elements for the company given their impact on the ability to generate value for the company and its stakeholders in the short and long term.

In which areas do we want to be exceptional?

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
In which areas do we want to stand out?

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
In what areas do we want to differentiate ourselves?

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
In what areas are we required by regulations to comply?

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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