EGYPT – Independent energy expert and assurance provider, DNV has signed a memorandum of understanding (MOU) with Egyptian General Petroleum Corporation (EGPC) to support their effort to set science-based targets for their net zero goals.
The MoU signing ceremony in Cairo was witnessed by HE Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, and HE Hilde Klemetsdal, Norway’s Ambassador to Egypt and Libya.
EGPC is setting these targets within the framework of the “Egypt Vision 2030” national plan to reach the country’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.
Egypt targets to reduce greenhouse gases (GHGs) by 10% from the energy sector, including oil and gas, by 2030 compared to 2016 levels.
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.
In addition, DNV will support the company in delivering studies related to net zero emission and carbon capture, utilization and storage projects, as well as delivering training programs for EGPC sustainability committee, management & affiliated companies.
Santiago Blanco, Executive Vice-president and Regional Director for Southern Europe, Middle East and Latin America, Energy Systems at DNV said: “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.”
As the world’s leading resource of independent energy experts and technical advisors, DNV helps industries and governments to navigate the many complexes, and interrelated transitions taking place globally and regionally, in the energy industry.
The company is committed to realizing the goals of the Paris Agreement and supports customers to transition faster to a deeply decarbonized energy system.
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