The Ecopetrol Group presents its first Stand-Alone report following the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations

Rhea-AI Summary

Ecopetrol S.A. (NYSE: EC) has adopted the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, enhancing its disclosure policies. The company released its inaugural specialized report for 2020, focusing on climate change risks and opportunities. This report addresses governance, strategy, risk management, and metrics. Ecopetrol is the largest company in Colombia, contributing over 60% to the nation's hydrocarbon production and operating in key international markets like the U.S., Brazil, and Mexico.

Positive

• Ecopetrol adopted TCFD recommendations to improve risk and opportunity disclosures regarding climate change.
• Published its first specialized report for 2020, enhancing transparency in governance and risk management.

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• None.

BOGOTA, Colombia, Aug. 4, 2021 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) informs that it has voluntarily adopted the recommendations issued by the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD) as part of its disclosure policies.

In this regard, the Company has published its first specialized report on the subject, for the year 2020, where the disclosures seek to reinforce its processes and to have a better understanding of matters related to risks and opportunities derived from climate change, through discussions regarding governance, strategy, risks management, and metrics and targets.

The full report can be viewed at the following link: 
https://www.ecopetrol.com.co/wps/portal/Home/en/investors/sustainability-reports/sustainability-reports

Ecopetrol is the largest company in Colombia and one of the main integrated oil and gas conglomerates in Latin America, with more than 13,000 employees. It accounts for more than 60% of the hydrocarbon production in Colombia, and it owns the largest refineries and most of the country's oil-pipelines and multi-purpose pipelines network. It also participates in the commercialization of energy and in the distribution of gas. At the international level, Ecopetrol focuses on strategic basins on the American continent, with E&P operations in the United States (the Permian basin and the Gulf of Mexico), Brazil and Mexico. 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) (A)
Alexandra Santamaria Molano 
Phone: + 571-234-4329
Email: alexandra.santamaria@ecopetrol.com.co

 

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SOURCE Ecopetrol S.A.

FAQ

What recommendations has Ecopetrol adopted regarding climate-related disclosures?

Ecopetrol has adopted the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.

When did Ecopetrol publish its first climate-related report?

Ecopetrol published its first specialized climate-related report for the year 2020 on August 4, 2021.

What are the main topics covered in Ecopetrol's climate report?

The report covers governance, strategy, risks management, and metrics and targets related to climate change.

How does Ecopetrol contribute to Colombia's hydrocarbon production?

Ecopetrol accounts for over 60% of Colombia's hydrocarbon production.

In which international markets does Ecopetrol operate?

Ecopetrol operates in the United States, Brazil, and Mexico.