Circular Economy Model
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Circular Economy Model
Jan 1, 2024
The Circular Economy Model adopted by Ecopetrol Group
Ecopetrol’s group wants to impulse a sustainable production and consumption processes and also responsible, which it’s linked directly to the sustainable development goals (particularly SDG 12) accomplishing the natural systems regeneration, products and materials preservation depending if they are in use or circulation, therefore, it is possible to minimize the natural resource use (renewable or not), wastes and CO2 emissions generation which reduce the negative social and environmental impacts.
Therefore Ecopetrol Group will consolidate its ambition to 2040, which implies focusing efforts on meeting the goals of the material issues that are part of the Sustainability Strategy.
The Circular Economy model includes: (i) a new ambition towards 2040, (ii) three strategic fronts and (iii) four enablers to strengthen the operating model going forward.
Ambition by 2040
- Be on par with energy sector circularity leaders with an eco-effective maturity level (level 3) by 2040 to achieve positive contributions to nature.
Strategic fronts
- Circular operations (efficiency): Reduce the resources, materials and inputs used in the processes and enhance the recirculation of the output currents that are generated.
- Circular businesses (income): Generate new sources of income through circular products and services.
- Productive chains (ecosystem): Strengthen the circularity agenda in Colombia through greater collaboration and integration with internal and external actors, including initiatives with communities in the territories (e.g. energy communities.
Enablers
- Financing mechanisms: Establish funding sources for circular initiatives.
- Management model: Define the governance scheme and roles, and assign responsibilities that enable circularity.
- Circular supply and marketing: Ensure utilization strategies with suppliers, clients and managers to strengthen circular businesses and enable circularity models.
- Science, Technology and Innovation: Develop, appropriate and adapt cutting-edge knowledge and solutions to accelerate, enable and implement initiatives.
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