Romgaz will therefore primarily focus on reducing carbon emissions resulted from its main activities, namely natural gas exploration and production, as well as on green projects in the field of renewable energy production (solar and wind), green hydrogen and biomethane, and CO2 capture and storage.
The project was developed with the support of the European Bank for Reconstruction and Development and KPMG and entails an estimated investment of more than EUR2.5 billion by 2050, the company said in a report to the Bucharest Stock Exchange.
“It is obvious that we must undertake commitments on decarbonization and on alignment to the general efforts of reaching the targets under the Paris Agreement, which also entails huge investments for the implementation of key technologies in the transition to green energy,” said Razvan Popescu, chief executive officer of Romgaz.
This net zero trajectory that the company is pursuing is marked by ambition, conditions and milestones that shall be periodically reassessed based on technological progress, the availability of funding sources, and the clarity of regulations, Romgaz officials say.
“Certainly, this strategy includes an ambitious scenario that currently involves a high degree of uncertainty, mainly due to the early maturity of key technologies we intend to explore. As a result, we emphasize that the courses of action included in the decarbonization strategy require additional technical validation, economic feasibility studies, and infrastructure readiness assessments to confirm scalability and operational and commercial viability,” Aristotel Jude, deputy CEO of Romgaz said.
(English version by Loredana Fratila-Cristescu)