Chile: Copec changes name and commits to carbon neutrality
With its new identity, the company aims to boost its renewable energy campaigns in order to achieve zero carbon footprint by 2030.
Copec announced that as of October it will change its name in line with its environmental commitments for the next decade. "Compañía de Petróleos de Chile" will be renamed Copec S.A. to eliminate the word "oil" from its corporate name. The announcement was accompanied by several environmental commitments.
The Chilean company published its "Climate Change Declaration", which establishes its commitment to achieve a zero carbon footprint by 2030 regarding all emissions from scopes 1 (direct) and 2 (indirect). For scope 3, the firm resolved to wait for the results of the Science Based Target Initiative (SBTI) of the oil and gas industry. Once they become public, it will be able to define the plans for emission reduction and align them with those of the rest of the world.
Copec will start by transforming its station network distributed throughout the country. According to the company, 64 of its 673 sites are already powered by renewable electricity thanks to the agreement signed with the Cerro Dominador solar complex. For the rest, their operating emissions are currently compensated through carbon credits, but it is expected that by 2050 they will all reach zero carbon footprint.
On the other hand, the company announced the development of projects to reduce emissions from its cargo transport by 2025 with the incorporation of renewable energies. In this regard, the company is also committed to compensate for the emissions that have not been reduced, both in plants and transportation, by 2029.
