Ipieca member Ecopetrol has announced its ambition to achieve net-zero emissions by 2050 with an intermediate target of a 25% reduction in Scope 1 and 2 emissions by 2030.
The Colombian company has developed a roadmap to support the realisation of its net-zero plans with short, medium and long-term actions covering flare reduction, energy efficiency in operations, use of renewable energy, and investment in natural climate solutions, hydrogen and carbon capture, use and storage.
Elements of its roadmap are already in effect and yielding results: between 2010 and 2020, Ecopetrol reported a reduction of 8.4 million tonnes of CO2 equivalent, achieved through programmes to reduce fugitive emissions and venting, decrease gas flaring, achieve energy efficiency in operations and use renewable energy in its operations.
In the short and medium-term, the plan will be complemented by a robust portfolio of natural climate solutions - focused on reforestation and land use projects as well as biomass initiatives and the development of solar, wind and geothermal energy projects.
Its longer-term focus is on initiatives related to hydrogen, carbon capture, use and sequestration and energy storage.
Proposed net-zero emissions roadmap
- Permanently update its inventory of emissions from direct operations, subsidiaries and non-operated assets, including those associated with scope 3 emissions.
- Implement energy efficiency, reduction of fugitive emissions, venting and flaring, and renewable energies (solar, wind and geothermal) initiatives.
- Identify additional energy efficiency, reduction of flaring and biomass initiatives.
- Develop a portfolio of natural climate solutions.
- launch a green hydrogen pilot project.
- Implement additional technological options in energy efficiency, reduction of fugitive emissions, venting and flaring, fuel substitution and renewable energies (solar, wind and geothermal) initiatives.
- Further develop natural climate solutions portfolio.
- Gradually escalate green hydrogen and carbon capture, use and sequestration pilots - if the technologies are competitive.
- Capitalise on technological advances and cost competitiveness of green hydrogen, carbon sequestration and renewable energy with battery storage.
- Continue to develop its natural climate solutions portfolio.
'These new goals demonstrate Ecopetrol'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, applying knowledge, innovation and technology to lead decarbonization efforts in Colombia and Latin America.' said Ecopetrol CEO, Felipe Bayón.
For more information on how Ecopetrol will reach net-zero emissions by 2050, please click here.