DNV and EGPC ink MoU to back sustainability and net-zero goals

April 7, 2023, by Fatima Bahtić

Classification society DNV and Egyptian General Petroleum Corporation (EGPC) have signed a Memorandum of Understanding (MoU) to support their effort to set science-based targets for their net-zero goals.

As informed, 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. Under this agreement, the partners plan to strengthen their commitment to tackle climate change.

Furthermore, 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.

This will cover all dimensions of the country’s SDGs. Both parties will identify the economic, social, and environmental risks, opportunities and impacts of EGPC’s activities, work on enhancing EGPC’s reporting system and build awareness of sustainable development reporting.

Moreover, DNV 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 and 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.

Last year, DNV joined a group of mission-driven companies as part of a European Fund to accelerate the push towards net-zero goals.

The fund has been launched by Energy Impact Partners (EIP), a global venture capital firm supporting the transition to a sustainable future.