04 January 2024

REN awarded again for reducing methane emissions

REN – Redes Energéticas Nacionais, through REN Gasodutos, REN Armazenagem and REN Atlântico, has been honoured for the third consecutive year with the "Gold Standard", the highest classification awarded by the Oil and Gas Methane Partnership (OGMP 2.0) for its commitment and action to reducing methane emissions. This recognition is granted to companies that present programmes of excellence for the quantification and reduction of methane emissions.

OGMP 2.0 is spearheaded by UNEP (United Nations Environment Programme), in partnership with the European Commission, the UK Government, the Environmental Defence Fund, and major Oil and Gas companies. This entity seeks to reduce methane emissions and supports the creation of a monitoring, reporting, and verification system, in order to more accurately detect and quantify emissions by the industry’s operators.

The OGMP 2.0 report for 2023 was released by UNEP during the United Nations Climate Change Conference held from 30 November to 12 December (COP28). The annual reports of this initiative, which currently involves approximately 120 companies worldwide, require companies to report their emissions from all asset sources along the value chain and are the most rigorous internationally.

During COP28, the initial outcomes of the Methane Alert and Response System were also unveiled, in which REN is actively involved. This system, leveraging various existing satellite systems, identified and issued alerts for 127 gas plumes. Atmospheric methane is currently at its highest recorded level in history, posing serious threats to air quality and human health. It is the second-largest driver of human-induced global warming, after carbon dioxide.

By taking part in this initiative since its inception, REN sees its performance recognised, thus demonstrating its commitment to the goals of achieving carbon neutrality by 2040, maintaining sustainable development, and combating climate change, while reinforcing the company’s financial robustness and outstanding operational performance. It is worth noting that in the Strategic Plan presented by REN in 2021 the company took on the goal of a 50% reduction in its emissions by 2030 (compared to 2019), achieving carbon neutrality in 2040, ten years earlier than defined by the European Union.

REN Atlântico oversees the Sines Liquified Natural Gas (LNG) Terminal, while REN Gasodutos is responsible for operating the Portuguese National Gas Transmission Network. The underground gas storage activity, performed under a public service concession, is assigned to REN Armazenagem.