Pyramid and the Great Sphinx of Giza statue. Credit: Spencer Davis on Unsplash.

Egyptian General Petroleum Corporation (EGPC), the national oil company of Egypt, has selected Norway-based independent assurance and risk management provider DNV to set science-based targets for its net-zero strategy.

These targets are part of EGPC’s efforts to align with the “Egypt Vision 2030” national strategy to meet the nation’s Sustainable Development Goals, (SDGs), in line with the Paris Climate Agreement.

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Under the memorandum of understanding (MoU), DNV will offer technical advisory assistance to EGPC to define its strategy and carry out its plan in line with Egypt Vision 2030.

Each party will assess the opportunities, hazards, and effects of the EGPC’s actions on the economic, social, and environmental fronts for all pertinent parties.

They will focus on improving the EGPC’s reporting framework and spreading knowledge about reporting on sustainable development.

Additionally, DNV will assist the business in delivering studies about projects for carbon capture, usage, and storage as well as net zero emission.

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Furthermore, DNV will conduct training sessions for the management, linked businesses, and sustainability committee of the EGPC.

DNV executive vice-president and regional director for Southern Europe, Middle East and Latin America, Energy Systems Santiago Blanco said: “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.”