Climate resilience, GHG emissions and other gases

The impacts related to the material topic “climate resilience, GHG emissions and other gases” correspond to direct and indirect emissions of greenhouse gases (Scope 1, 2 and 3), the company's risks, and opportunities in the face of climate change and energy transition. It includes management of atmospheric emissions and their impacts on ecosystems, people's health, and the well-being of local communities, as well as the positive impacts of implementing technologies in the process to reduce the intensity of emissions, in the development of products with less environmental impact and mitigation programs and projects.

According to the Sixth Report of the Intergovernmental Panel on Climate Change (IPCC), climate change will affect all systems, both natural and human, and its economic impacts are expected to grow with global warming. However, specific implications present high levels of uncertainty, depending on factors such as the advancement of carbon neutral technologies, market structures, behavioral changes, and planning for a just transition.

The impacts on the global supply of energy caused by the conflict in the Ukraine brought security and energy access issues to the center of the discussion. All over the world, the effects of the crisis are reflected in its multiple dimensions: the urgency of transforming energy systems to be more secure, reliable, and resilient, due to the mix between natural gas, oil, coal, and electricity; and food and climate security.

The last Conference of the Parties (COP), held in Sharm El-Sheik, Egypt, ratified the objectives of the Paris Agreement, and emphasized the need to reduce global GHG emissions in all sectors, in line with the specificities of each country and recognizing the need to support a just transition. The discussion on the reduction in the use of fossil fuels, including oil and gas, also gained momentum, although no agreement was reached.

The oil and gas industry plays an important role in minimizing its operational emissions and delivering less carbon-intensive products, since energy transition scenarios still point to a relevant role for oil products in the coming decades.

In this context, we have the role of generating reliable and efficient energy for an environmentally sustainable world.