Independent energy expert and insurance provider DNV has been engaged 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 goals with the “Egypt Vision 2030” framework, a national plan to achieve Egypt’s Sustainable Development Goals (SDGs), in 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, which covers all dimensions of the country’s SDGs, DNV said in your statement.
Both sides will identify risks, opportunities and economic, social and environmental impacts of EGPC activities for all relevant stakeholders, work to improve EGPC’s reporting system and create awareness of sustainable development reporting, it says the statement
In addition, DNV said it will support the company in the delivery of studies related to net zero carbon capture, utilization and storage projects, as well as providing training programs for the sustainability, management and corporate committee affiliates of EGPC.
“DNV follows the best practices of the World Business Council for Sustainable Development (WBCSD) global survey to align with the United Nations SDGs. Our extensive experience and expertise in the energy transition will help EGPC achieve the its goals and, in turn, fuel Egypt’s decarbonization strategy, which is key to achieving the required emissions reduction,” explained Santiago Blanco, Executive Vice President and Regional Director for Southern Europe, the 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, Norwegian Ambassador to Egypt and Libya, the statement said.
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