We are committed to set science-based targets to reduce GHG emissions in line with 1.5oC emissions scenarios within the next 24 months. A time schedule of 5 to 15 years for meeting the targets shall provide the necessary duration for the development and implementation of the most effective processes.
Our commitment to become net zero emitter by 2050 shall be achieved by initially reducing absolute GHG emissions by implementing science-based plans and further to that by balancing a measured amount of carbon releases with an equivalent amount sequestered or offset, or buying enough carbon credits to make up the difference. Potential actions considered to be evaluated on their feasibility and effectiveness include Negative Emissions Technologies (NETs) and Carbon Capture and Storage (CCS) projects together with reforestation and afforestation initiatives.
Our commitment to the environment was underlined by Energean being one of the first E&P companies to commit to become a net zero emitter by 2050 and to run a near term plan to reduce our GHG emissions intensity across scope 1 and scope 2 emissions by more than 70% in just three years from now.