Energean makes net-zero emissions pledge

Greek oil company Energean has pledged to become a net-zero emissions company by 2050.

Illustration only; Energean Force / Image source: Energean

The London/Tel Aviv-listed, Mediterranean focused, oil and gas explorer and producer said Monday that it was supporting and is committed to the pledges of the United Nations “Business Ambition for 1.5°C: Our Only Future” campaign.

Energeran said it was specifically committed to set science-based targets across its entire value chain and “ is pleased to make a commitment to be net-zero emissions company by 2050.”

The oil and gas company’s pledge comes in parallel with a campaign is being launched at the 25th annual United Nations Climate Change Conference — also known as COP 25 — taking place from 2 to 13 December in Madrid, Spain.

“The campaign calls on business leaders to set emissions reduction targets with the highest ambition for their companies in line with the report on 1.5°C by the Intergovernmental Panel on Climate Change (IPCC) and to reach net-zero emissions by no later than 2050. It should be noted, that Energean is the first London listed E&P company that commits to the specific campaign,” Energean said.

Mathios Rigas, CEO of Energean said: “We are proud to participate in the United Nations Global Compact and are pleased to be playing a leading industry role by not only committing to and supporting the United Nations “Business Ambition for 1.5°C: Our Only Future” campaign, but also to be committing Energean to net zero emissions by 2050. We are creating the leading independent, gas-focused, sustainable E&P company in the East Med which is committed to reducing our emissions and to the sustainability agenda.”

Offshore Energy Today has reached out to Energean, seeking more details on how the company plans to achieve its net-zero emissions goal, and what happens if the target is not met. We will update the article if we receive any response.

Energean owns producing assets in Greece and is developing Karish and Tanin gas fields offshore Israel. The company also owns an offshore block in Montenegro.

According to the UN, since the launch of the Business Ambition for 1.5°C — Our Only Future campaign, the number of companies committing to align their science-based emission reduction targets with a 1.5°C trajectory is increasing rapidly, with more than 75 Chief Executive Officers committing to the 1.5°C pledge as of 2019.

The companies represent 26 countries with 2.10 million employees, as well as a wide range of 22 sectors, such as telecommunications (16%), chemicals (9%), construction & materials (9%), pharmaceuticals & biotechnology (7%), financial services (7%) and electronic & electrical equipment (7%).

“Building a prosperous, net-zero carbon economy by 2050 will require transformational change across the economy. A growing body of analysis and evidence makes it clear that such a transition is achievable but only with decisive business leadership supported by ambitious government policies. Businesses joining the campaign are playing a key role in this transition through decarbonizing their own operations and articulating the targets and policies they need or want to see from Governments to help accelerate this transition,” the UN has said.


Offshore Energy Today Staff

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