• The reduction is a major step forward for the goal announced a year ago of achieving net zero carbon emissions by 2050.
• Underway energy efficiency projects, incorporation of renewable energies and reduction of burning in torches and fugitive emissions and venting.
• It is estimated that the reduction of more than 1.6 million tons of carbon emissions will be achieved between 2020 and 2024.
• Ecopetrol consolidates itself as one of the leading companies in the energy transition in Latin America.
In line with the goal of achieving zero net carbon emissions for scopes 1 and 2 by 2050, between 2020 and 2021 the Ecopetrol Group reduced its emissions into the atmosphere by 493,441 tons of carbon, which is equivalent to restoring an approximate area of 50 thousand hectares.
This result was achieved through the execution of a comprehensive strategy that includes the reduction of fugitive emissions and venting, the reduction of gas burning in torches and the incorporation of renewable energy projects focused mainly on solar parks, as well as different initiatives to achieve the energy efficiency.
This last work front concentrates more than half of the registered reductions and focuses on the analysis of operating processes to identify savings opportunities, with the aim of optimizing energy consumption. To date, more than 25 initiatives have been implemented.
The Barrancabermeja and Cartagena refineries, as well as the Magdalena Medio and Llanos Orientales production fields, were the operating areas with the greatest reduction in emissions.
The Ecopetrol Group expects to achieve a cumulative reduction of 1.6 million tons of carbon equivalent, through operational initiatives in the next 3 years, with the aim of advancing in its goal of reducing its CO2e emissions by 25% (scopes 1 and 2). ) compared to the baseline established in 2019.
To achieve this challenge, work is also being done to consolidate a portfolio of Natural Climate Solutions, which includes projects for avoided deforestation, restoration, and planting of trees in agroforestry projects, among other initiatives, to enable the supply of at least two million carbon credits to compensate for residual emissions that cannot be mitigated or eliminated.
This portfolio is maturing through alliances with specialized organizations in the field such as The Nature Conservancy, Fundación Natura, Wildlife Conservation Society and through ISA's “Conexión Jaguar” program.
“We are making rigorous and organized progress in our ambitious goal of achieving zero net carbon emissions through a decarbonization plan that includes operational actions and the incorporation of natural climate solutions, which are key in the country considering that the main sources of emissions in Colombia are associated with deforestation and changes in land use,” said Santiago Martínez, Manager of Sustainability and Decarbonization at Ecopetrol.
The Ecopetrol Group Decarbonization Plan has intermediate goals, as well as a short, medium and long-term portfolio, with some projects already implemented, maturing or under investigation.
In said plan, energy efficiency initiatives, renewable energies, reduction of burning in tea and fugitive emissions and venting are prioritized. Additionally, progress is being made in the development of pilot projects in emerging technologies such as: hydrogen, Carbon Capture, Use and Sequestration (CCUS) and Natural Climate Solutions projects.