Egyptian General Petroleum

EGPC has not set any emissions reduction targets and does not disclose plans to develop any. The company should develop a long-term target that aligns with its 1.5°C pathway and covers its scope 1, 2 and 3 emissions. Additionally, the company should set intermediate targets at gaps of no more than five years to incentivise near-term action on longer-term goals.

There is no evidence that EGPC has a credible low-carbon transition plan. The company should establish a time-bound action plan that outlines how it will transition to a low-carbon economy. This should include medium and long-term targets, verifiable and quantifiable key performance indicators, and financial commitments. The plan should be informed by scenario analysis to ensure that the plan’s ambition is sufficient for a 1.5°C pathway.

Based on the company’s product mix, EGPC has decreased its scope 1,2 and 3 emissions intensity over the period 2017 to 2022. However, the company has not decreased at a rate sufficient to align with its 1.5°C pathway. To align the company should reduce its emissions intensity by approximately 4% per year between 2022-2027. This decrease is due to a higher proportion of gas in the company’s energy mix. There is no evidence to suggest that this trend will continue.

There is no evidence that EGPC is taking significant action to develop any business models that would enable the company to decouple financial results from greenhouse gas emissions. A low-carbon future will require the company to diversify its energy mix to renewables and low-carbon fuels or manage the decline of its oil and gas business.

EGPC has not set any emissions targets. The company has not developed a vision of what its business will look like in a low-carbon future.

The company does not have a low-carbon transition plan and does not intend to develop one in the near future.

There is no evidence that EGPC is investing in research and development of climate change mitigation and carbon removal technologies. The company does not report its capital expenditure (CapEx) spend on low-carbon technology. There is also no evidence that the company is developing new business models which would allow the company to transition its business away from its current carbon-intensive activities.

EGPC has reduced both its scope 1 and 2 and its scope 1, 2 and 3 emissions intensity over the last five years. However, it has not decreased at a sufficient rate to align with its 1.5°C pathway. The company has achieved this by increasing the proportion of gas to oil in its energy mix; however, the company is not predicted to continue this decreasing trend over the next five years.

The company’s lack of targets and strategy suggests that the company is not committed to the low-carbon transition. The company continues to explore for new oil and gas. In April 2023 EGPC signed a memorandum of understanding with the consultancy firm DNV to work on establishing science-based targets. The effects of this agreement are yet to be seen.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders. No evidence was found of the company undertaking just transition planning to mitigate the social impacts of the low-carbon transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks. No public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskill and upskill workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders. No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments of the company related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence of the company’s policies or commitments related to key decent work issues was found in the public domain. These issues include the provision of secure, safe and healthy workplaces, where workers are fairly renumerated and have a meaningful say in decision-making.

No policies or commitments were found in the public domain related to key ethical business topics, personal data protection, tax, bribery and corruption or lobbying and political engagement. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.