Romgaz Board of Directors approved the company’s Decarbonization Strategy. This strategy was developed in the context of European and national policies aimed at mitigating greenhouse gas emissions and their impact on climate change, as well as collective efforts to achieve the targets set out in the Paris Agreement.
The project was developed with the support of the EBRD and KPMG and resulted in a strategic document outlining the company’s goals and objectives for decarbonizing its operations and making a balanced transition to green energy.
The path chosen by the company to come substantially closer to the net zero emissions target in 2050, as resulting from the evaluations and assessments performed within the project, involves a total, phased investment of over EUR 2.5 billion.
The company’s efforts shall primarily focus on reducing carbon emissions resulted from its main activities, namely natural gas exploration and production, as well as on green projects in the field of renewable energy production (solar and wind), green hydrogen and biomethane, and CO2 capture and storage. This net zero trajectory that the company is pursuing is marked by ambition, conditions and milestones that shall be periodically reassessed based on technological progress, the availability of funding sources, and the clarity of regulations.
CEO Razvan Popescu said Romgaz is currently facing a huge challenge: “On one hand, the role of main natural gas producer of Romania assigns the company the responsibility to guarantee security of natural gas supply given that all scenarios that have been lately analysed clearly indicate that dependency on this resource at European level will not decrease at the rate initially envisaged. Which is why we firmly committed to carry out Neptun Deep project which will place Romania on a particularly important place in the European energy equation, but which implies significant investment efforts for Romgaz. On the other hand, it is obvious that we must undertake commitments on decarbonisation and on alignment to the general efforts of reaching the targets under the Paris Agreement which also implies huge investments for the implementation of key technologies in the transition to green energy. Therefore, as the global energy sector undergoes a profound transformation to respond to the climate crisis, Romgaz is in a crucial moment, with major responsibilities as well as with significant opportunities. For this reason, we have resorted to developing a decarbonisation strategy, based on certain analyses and a thorough assessment, to define the trajectory that the company aims to follow in terms of decarbonisation policy. This strategy will provide the basis of detailed studies and analyses to be carried out to define and implement certain technically, economically and commercially feasible projects.”