Tuesday 30 March 2021

Ecopetrol commits to net zero carbon emissions by 2050

Ecopetrol has announced its commitment to achieve net zero carbon emissions by 2050.

By 2030, the Colombian firm seeks to reduce Scope 1 and 2 emissions by 25% compared to a 2019 baseline, which responds to its direct and indirect emissions associated with the purchase of energy.

That would result in emissions reductions of between five and six million tons over the next decade.

It also aims to reduce 50% of total emissions, including Scope 3 emissions, associated with the company's value chain, which includes the use of its products, by 2050.

Ecopetrol is claimed to be the first company in the oil and gas industry in Latin America to set the ambitious goals, in line with its objectives on energy transition and climate change mitigation.

They support Colombia's ambition to reduce 51% of greenhouse gas emissions by 2030.

Ecopetrol CEO Felipe Bayón said: “These new goals demonstrate Ecopetrol Group’s commitment to face the world’s great environmental challenges and to an orderly and ambitious energy transition. Our objective is to become a comprehensive energy company strengthening our traditional business, positioned at the forefront in the fight against climate change and the application of knowledge, innovation and technology to lead decarbonisation efforts in Colombia and Latin America.

“This goal is based on our TESG strategy – a concept we adopted in Ecopetrol that puts technology at the heart of sustainable management in the environmental, social and governance perspectives.”