Climate Action - GeoPark

Climate Action

Following the guidelines of our Sustainability Framework, we undertake direct and indirect actions to mitigate GHG emissions and develop increasingly competitive and low-carbon operations. We also implement measures to increase our resilience to physical and transition risks associated with climate events and the energy transition.

CLIMATE ACTION

2024 Performance highlights

10.3 KGCO₂E/BOE

Scope 1 and 2 GHG emissions intensity index, 28% below the 2020 baseline

100%

of employees have their variable compensation tied to water and climate change KPIs

USD 50/TCO²e

Internal carbon price for climate impact analysis

29,000

Metric tons of CO₂e avoided by increased use of certified renewable energy in Llanos 34

+200,000

Metric tons of CO₂e emissions avoided annually due to a solar plant at Llanos 34 and a power interconnection to the national grid

9,000

Metric tons of CO₂e emissions avoided due to operational efficiency and reduced boiler use

Our Commitment to Lowering Emissions
We detailed our emissions reduction strategy in 2021 with demanding short, medium and long-term goals.
Our Commitment to Lowering Emissions

Our Goals

We will continue reporting progress toward our emissions reduction goals using GRI, IPIECA, SASB standards and other relevant methodological frameworks.

2020
Starting point
2024
28% reduction achieved
2025 (target)
35–40%
reduction
2030 (target)
40–60%
reduction
2050 (target)
Net zero emissions
We defined our emissions baseline.Significant progress toward the short-term goal.Scope 1 and 2 Emission Intensity reduction by 2025.Scope 1 and 2 Emission Intensity reduction between 2025 and 2030.Scope 1 and 2 emissions by 2050 or earlier.
0% 100%

Adapting to climate change
Climate change could potentially affect all our stakeholders, and our operations. To adapt, in 2022 we identified risks connected to climate change and the energy transition.
In 2024 we added our own climate scenarios to this analysis, based on international standards such as the IPCC, the IEA and aligned with the Taskforce on Climate Related Financial Disclosure (TCFD). These scenarios enable us to anticipate different conditions through 2050, supporting key decisions and feeding into our management systems, with continuous monitoring and concrete adaptation actions in the field.

PILLARS OF OUR EMISSIONS REDUCTION PLAN

Clean energy, methane management, operational and energy efficiency

GeoPark’s emissions reduction strategy focuses on three pillars that have yielded tangible and sustainable results: the use of cleaner energies, active management of methane emissions, and the continuous improvement of operational and energy efficiency.

Icono energías limpias
Clean energy in our operations

We prioritize renewable power sources and lower carbon technologies in our operations. This includes the progressive substitution of conventional fuels, the integration of solar power and interconnection with power grids that have a lower carbon footprint.

Icono emisiones de metano
Methane emissions management and reduction

We use detection and control programs to significantly reduce fugitive emissions of methane, a gas with a high climate impact. This includes continuous monitoring, preventive maintenance and early repair of leaks in equipment and process lines.

Icono eficiencia energética
Energy efficiency in key processes

We optimize our processes to consume less energy and increase production with lower emissions. This includes the use of intelligent monitoring systems, continuous improvement practices, and technological solutions to reduce energy use in critical areas.

GOVERNANCE
Climate action leadership, structure and decision-making
A governance model ensuring leadership, monitoring and coordinated action at all levels of the organization supports GeoPark’s climate change management. This structure allows our decisions to be consistent with our climate strategy, translate into operational results, and support a cleaner and more efficient energy transition.

Governance, follow up and monitoring

Board of Directors/
Board Committees
SPEED / Sustainability Committee
Meets at least twice a year and is responsible for approving the Company’s Sustainability Framework, ensuring that it captures the SPEED values. It also monitors our climate action progress, including regular assessments and managing risks and opportunities.
CEO
CEO | Director of Strategy, Sustainability & Legal | Chief Operating Officer, Execution & Assets
The most senior executive-level positions in the Company with climate action responsibilities, including regularly updating and managing risks and opportunities.
Internal
committees
Budget and investment decisions
Climate change mitigation and adaptation actions are part of budget planning scenarios and investment approvals, considering their impact on decarbonization and resilience and their efficiency compared to other options.
Management
Sustainability Management | Facilities and Process Management, Asset Management
Responsible for approving and overseeing the implementation of the decarbonization plan and the climate action roadmap.
Operational Level/
Management Teams
Sustainability Teams | Facilities and Assets
Responsible for implementing the actions defined in the decarbonization plan and the climate action roadmap.

Progress on consolidating
our Climate Action

Find out more in our SPEED/Sustainability Report.