Climate change
We are aware that the impacts of climate change are a global challenge and that we have an important role in their prevention and management.
In line with our SPEED Integrated Value System and our commitment to creating value for all our stakeholders, we have prioritized climate change management.
This involves
Implementing actions and plans to mitigate GHG emissions.
To have a low-carbon and climate-resilient operation.
The hydrocarbons industry faces significant challenges in the management of climate change, decarbonization and the energy transition. We address climate change management from the perspective of preventing and mitigating impacts, and identifying opportunities derived from energy transition.
Policies and commitments
We work to be leaders among independent hydrocarbons exploration and production companies in Latin America, based on operations that create value and positively impact all stakeholders.
We assume mitigation commitments against a baseline defined in 2020, for the short, medium and long-term.
Net zero Scope 1 and 2 emissions by 2050.
35 % – 40 % reduction in Scope 1 and 2 emissions intensity by 2025.
40 % – 60 % reduction in Scope 1 and 2 emission intensity by 2030.
Our focus and our management
The responsibility for managing our climate action lies with the Strategy, Sustainability and Legal Department, with direct support from the Operations Department.
Tracking and monitoring
We monitor the compliance and effectiveness of the planned measures at different levels of the Company:
- GHG emission inventories, carried out annually for all operated assets and corporate offices, under the coordination of the Strategy, Sustainability and Legal Department, with direct support from the Operations Department. These inventories are verified by Icontec, an independent third party, under ISO 14064-1 (2018).
- Cuéntame grievances mechanism, which includes a technological platform to manage comments and grievances, including those related to climate change and decarbonization.
- Annual review of fulfillment of objectives at managerial level and for directors, as part of the performance management process and short-term incentives.
- Since 2022 we have completed the CDP climate change form, which provides spaces for feedback and the identification of opportunities for improvement, and comparison with best practices.
- Through its SPEED Committee, the Board of Directors included climate action in the semesterly review timetable from 2023.
GOALS
Short Term
0-3 years
- Reduce our Scope 1 and 2 emissions intensity by 35 % – 40 % by 2025 versus our 2020 baseline.
- Hold energy efficiency audits in 2023 and 2024 to formulate specific improvement goals.
Medium Term
3-5 years
- We do not have quantitative goals for the medium term, since we consider that the milestones defined in the short term (by 2025) and long term (from 2030) are a sufficient guide for decarbonization actions that will lead us to carbon neutrality by 2050. We plan to carry out decarbonization activities continuously in the 2025-2030 period.
Long Term
5 years and more
- Reduce emissions intensity by 40 % – 60 % by 2030 versus the 2020 baseline.
- Reach net-zero Scope 1 and 2 emissions by 2050 or earlier.