REN - Redes Energéticas Nacionais (REN), through REN Gasodutos, REN Atlântico, and REN - Armazenagem, was again honoured with the 'Gold Standard' award by the Oil and Gas Methane Partnership (OGMP 2.0) in its 2022 annual report, thus strengthening its commitment and the company's action regarding the reduction of methane emissions. The reinforcement of the commitment in 2022 involves a reduction of at least 30% in methane emissions, when compared to 2018, thus increasing 2021's objective, which included a 20% reduction over 2018.
The OGMP is an initiative launched by the United Nations Environment Programme and by the Climate and Clean Air Coalition, in partnership with the European Commission, the Clean Air Task Force, the UK Government, and the Environmental Defence Fund. Over 80 companies with assets on five continents, representing a significant share of global oil and gas production, have joined the Partnership, which also includes natural gas transmission and distribution operators, gas storage, and LNG terminals.
REN Atlântico is the company responsible for the Sines Liquefied Natural Gas (LNG) Terminal, which receives the LNG and stores it in the facility's tanks for later regasification and injection into the transmission network. REN Gasodutos is the entity responsible for operating the Portuguese National Gas Transmission Network. It receives the gas at the Spanish border, at the exit of the storage facilities (under the purview of REN Armazenagem) or at the natural gas regasification terminal (under the purview of REN Atlântico) and delivers it to distributors or final high-pressure customers, meeting quality and safety criteria. The underground gas storage activity, performed under a public service concession, is assigned to REN - Armazenagem.
The 'Gold Standard', the highest classification awarded by the OGMP 2.0, is given to companies who present programmes of excellence for the quantification and reduction of methane emissions and high-quality methodologies and information. The OGMP 2.0 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. By requiring companies to report their emissions from all asset sources along the value chain, annual reporting under this initiative is the most demanding internationally.
REN has participated in this initiative since its inception, attesting its commitment to reducing methane emissions and in alignment with the last Strategic Plan presented by REN, in 2021, which committed to the objectives of a 50% reduction in its scope 1 and 2 emissions by 2030 (compared to 2019) and achieving carbon neutrality in 2040, ten years earlier than defined by the European Union. The company will continue to promote, support, and develop actions and projects in line with the goals that, among the 17 Sustainable Development Goals, have been identified as priorities and in line with REN's sustainability strategy.