Egyptian Oil Firm Enlists DNV for Net-Zero Targets

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by KnowESG
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DNV, an independent assurance and risk management provider based in Norway, has been chosen by Egypt's national oil company, the Egyptian General Petroleum Corporation (EGPC), to establish science-based goals for its net-zero strategy.

EGPC's net-zero targets are in line with Egypt Vision 2030, the nation's sustainable development goals (SDGs), and the Paris Climate Agreement. DNV will provide technical advisory assistance to EGPC under a memorandum of understanding (MoU) to help the company develop and implement its strategy in line with Egypt Vision 2030.

Both parties will analyse the potential benefits, risks, and impacts of EGPC's activities on the economic, social, and environmental aspects of all relevant stakeholders.

Their main objective is to enhance EGPC's reporting structure and increase awareness about sustainable development reporting.

DNV will support the company in conducting studies related to carbon capture, utilisation, and storage, as well as achieving net-zero emissions goals.

Moreover, DNV will organise training sessions for EGPC's management, affiliated companies, and sustainability committee.

Santiago Blanco, the executive vice-president and regional director for Southern Europe, the Middle East, and Latin America Energy Systems at DNV, stated that the company adheres to the World Business Council for Sustainable Development's (WBCSD) global survey to align with the United Nations SDGs.

He further added that DNV's extensive experience and proficiency in the energy transition will support EGPC in achieving its objectives and, consequently, contribute to Egypt's decarbonisation strategy, which is essential in reducing emissions to the required levels.

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Source: Offshore Technology

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