Independent energy expert and assurance provider DNV has been brought in to help the Egyptian General Petroleum Corporation (EGPC) set science-based targets for its net zero goals.
DNV and EGPC signed a Memorandum of Understanding (MoU) that will also help EGPC align its targets with the “Egypt Vision 2030” framework, a national plan to reach Egypt’s Sustainable Development Goals (SDGs), in line with the 1.5°C pathway of the Paris Climate Agreement.
The purpose of this agreement is to provide technical advisory support to establish EGPC’s strategy and execute its plan to align with Egypt Vision 2030, covering all dimensions of the country’s SDGs, DNV said in its statement.
Both parties will identify the economic, social, and environmental risks, opportunities and impacts of EGPC’s activities for all relevant stakeholders, work on enhancing EGPC’s reporting system and build awareness on sustainable development reporting, the statement reads.
Moreover, DNV said it will support the company in delivering studies related to net zero emission and carbon capture, utilization and storage projects, as well as deliver training programs for EGPC sustainability committee, management & affiliated companies.
“DNV follows best practices from the World Business Council for Sustainable Development (WBCSD)’s global survey to align with the UN SDGs). Our extensive experience and expertise in the energy transition will help EGPC achieve their goals, and, in turn, feed into Egypt’s decarbonization strategy – which is key to reaching the required emissions reduction”, explained Santiago Blanco, Executive Vice-president and Regional Director for Southern Europe, Middle East and Latin America, Energy Systems at DNV.
The MoU signing ceremony in Cairo was witnessed by Tarek El Molla, Minister of Petroleum and Mineral Resources, and Hilde Klemetsdal, Norway’s Ambassador to Egypt and Libya, the statement reads.
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