Energean Oil and Gas plc, the oil and gas producer focused on the Mediterranean, announced on Wednesday its commitment to reach net zero emissions by 2050.
The pledges of the United Nations “Business Ambition for 1.5°C: Our Only Future” campaign, and specifically to set science-based targets across Energean’s entire value chain, the company said in a press statement.
The 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 temperature rise report published by the Intergovernmental Panel on
Climate Change (IPCC). In general, the goal is tto reach net-zero emissions by no later than 2050 in order to not have the temperature increase by 1.5°C.
Energean is the first London listed E&P company that commits to the specific campaign.
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’s “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 Eastern Mediterranean which is committed to reducing our emissions and to the sustainability agenda.”
Notably, Energean Oil & Gas is finalising its acquisition of oil and gas assets owned by Italian company Edison in Egypt, Italy, Algeria, Croatia, North Sea, Norway, and Greece.