More than ever before, companies need to be clear what their purpose is… toward their employees, society, and in protecting the environment. Companies like Galp who have been involved in the production, processing and sale of oil and gas are challenged more than most to redefine their business, given the inevitable and necessary changes in the energy system.
We should be proud of the energy we provide today to help the economy grow and to allow people to live their lives. Galp already has a strong starting point and is recognized to be a leader amongst its peers in sustainability. We can be proud of our portfolio today with a leading position in Iberia in solar power generation, a growing business in renewable electricity sales and EV charging and a world class Upstream position, with an operational CO2 emissions intensity half of the industry average. So we have a lot to be proud of.
But we know that the changes in the energy system are accelerating and the products we will deliver our customers will have to change fast.
It is therefore time for Galp to regenerate the future and the portfolio of energy it produces and sells. Galp will be positioned as a leader in this change. We commit to reduce the CO2 intensity of the energy we produce by 40% by the end of this decade, leading our industry into that future, building our renewable energy portfolio, reducing the CO2 intensity of the products we manufacture in Sines as well as the products we sell our customers. We will lead our industry by allocating a half of our capital to these new energy solutions.
This will be a team effort across Galp, in order to help finance our portfolio reshape and to continue to provide an attractive dividend to our shareholders we will rely on our excellent Upstream and strong commercial position. So everyone, working together, will be crucial to the change. But it is more than a new portfolio of investments, we will need to recreate the way we work to be successful in these new energy businesses, we will need to be agile, to be innovative and to be digitally enabled to succeed.
We will refresh our relationships with society, communities, and our customers at large, connecting with them through our commitment to improving lives. We want to be known as a company that is both, dynamic, providing innovative clean energy solutions, and caring, for the people and the planet. We put our customers first, reaching out to them as One Galp that provides them with the energy solutions they need, while restoring the connections between nature and humanity that are essential to revitalize our communities. We will communicate openly and with compassion, to earn their trust. By doing this, our Galp brand image will, inevitably, regenerate, making this an exciting place to work.
The change will start with us, all of us at GALP. We will need to acquire new skills and develop new exciting and agile ways of working; of leading. We aim to create a company of trust and respect, where we reduce bureaucracy, delegate more, empower and reenergise our talent, where everyone can achieve their potential.
So, let’s lead our industry into a future where we protect our precious planet, where we delight our customers and make Galp a great place to work.
Let’s regenerate the future together.