Ecopetrol joined the global sectoral agreement to accelerate the decarbonization of oil and gas, at one of the conferences of the Climate Change Convention (COP28) that took place in Dubai, United Arab Emirates, thus confirming its commitment to face climate change.
“The agreement was signed by 50 companies, with operations on five continents, representing approximately 40% of the world’s hydrocarbon production,” said the company in a statement, highlighting that Ecopetrol is one of the 30 state companies that will participate in this agreement.
The global agreement to accelerate the decarbonization of oil and gas is in a sectoral document on the impact that companies have on the decarbonization of the economy and establishes how to commit to clear objectives and lines of action that will continue to increase average temperature of the earth below 2 degrees Celsius and try to limit it to 1.5 degrees.
In this way, the agreement becomes a reference framework to unite the commitments of the decarbonization industry and encourage more oil and gas companies to join these efforts. “With the signing of this agreement, Ecopetrol approves its commitment to achieve zero net carbon emissions by 2050 and reduce 25% of emissions by 2030 in scopes 1 and 2, eliminating conventional burning of gas in the torches and aimed at zero net methane emissions by 2030,” stated in the press release.
Methane emissions are responsible for approximately 30% of global warming. In this sense, methane is recognized as one of the greenhouse gases that contribute the most to climate change, with a global warming potential 28 times greater than that of CO2.
Reducing methane emissions is the fastest and cheapest way to achieve Ecopetrol’s decarbonization goals, prevent global warming in the short term, and support the goals of the Paris Agreement and the Global Methane Commitment. Pledge) signed by almost 150 countries, including Colombia, at COP26 in Glasgow, to reduce methane emissions by 30% in 2030, compared to 2020.