Ecopetrol announces commitment and plan to achieve net zero carbon emissions by 2050

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has announced its commitment to achieving net zero carbon emissions by 2050, aligning with its climate change mitigation efforts and energy transition strategy. By 2030, the company aims to reduce its CO2e emissions by 25% from a 2019 baseline for Scopes 1 and 2, and 50% across all emissions (Scopes 1, 2, and 3) by 2050. This strategy will be reported periodically alongside earnings results, as part of Ecopetrol's broader corporate strategy and energy transition roadmap.

Positive

• Commitment to net zero carbon emissions by 2050.
• Target to reduce CO2e emissions by 25% by 2030.
• Long-term sustainability strategy aligns with global energy transition.

Negative

• None.

BOGOTA, Colombia, March 25, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) reports that it has published its plan to achieve net zero carbon emissions by 2050, in line with its commitment to mitigate climate change and further the energy transition and its "TESG" agenda.

By 2030, Ecopetrol seeks to reduce its CO2e emissions by 25% as compared to the 2019 baseline for Scopes 1 and 2, which correspond to direct and indirect emissions associated with the purchase of energy. In addition, Ecopetrol will seek to reduce 50% of its total emissions (scopes 1, 2 and 3) associated with the company's value chain, which includes the use of its products, by 2050.

The development of the goals proposed are a part of the Ecopetrol Group's Corporate Strategy and energy transition roadmap. Progress on these goals is expected to be reported periodically in line with Company's earnings results.

The decarbonization plan and the proposed net zero emissions roadmap can be found at the following link: http://bit.ly/ECPEmissionsReduction

Ecopetrol is Colombia's largest firm and is an integrated oil company that is among the 50 largest in the world and the four largest in Latin America. In addition to Colombia, where it generates over 60% of the country's production, it is active in exploration and production in the United States (Permian basin and Gulf of Mexico), Brazil and Mexico. Ecopetrol operates the largest refinery in Colombia, most of the country's oil-pipeline and polyduct network and is significantly increasing its share of bio-fuels. This press release contains statements relating to business prospects, estimates of operating and financial results, and Ecopetrol's growth prospects. All are projections, and therefore are based solely on management's expectations of the company's future and its continuous access to capital to finance its sales plan. Achieving these estimates in the future depends on its performance under given market conditions, regulations, competition, the performance of the Colombian economy and industry, and other factors; therefore, they are subject to change without prior notice.

For further details, please contact:
Head of Capital Markets
Tatiana Uribe Benninghoff
Phone: +571-234-5190
Email: investors@ecopetrol.com.co

Media Engagement (Colombia)
Jorge Mauricio Tellez
Phone: + 571-234-4329
Email: mauricio.tellez@ecopetrol.com.co

 

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SOURCE Ecopetrol S.A.

FAQ

What is Ecopetrol's plan for net zero emissions by 2050?

Ecopetrol plans to achieve net zero carbon emissions by 2050, with a 25% reduction in CO2e emissions by 2030.

How will Ecopetrol reduce its emissions?

Ecopetrol aims to cut CO2e emissions by 25% from a 2019 baseline for Scopes 1 and 2 by 2030 and 50% across all scopes by 2050.

What is the significance of Ecopetrol's emissions reduction goals?

The goals reflect Ecopetrol's commitment to climate change mitigation and align with its long-term corporate strategy.

When will Ecopetrol report progress on its emissions goals?

Progress will be reported periodically in conjunction with the company's earnings results.

Where can I find more information about Ecopetrol's emissions reduction plan?

More details can be found in the decarbonization plan available at Ecopetrol's official site.