Our approach

Our purpose is to develop profitable and more sustainable businesses, creating long-term value for our stakeholders. Galp has the ambition to contribute to internationally established sustainability benchmarks and principles, being committed to an ethical and responsible performance and to delivering on the expectations of all stakeholders.

Our strategy

We aim to become an efficient and competitive integrated energy operator, extracting the maximum value of our projects, exploring new opportunities in order to bring growth and diversity to our portfolio, and creating value in a sustainable way for our stakeholders.

Learn more about our strategy.

Integrated approach to sustainable value creation

Galp believes in an integrated approach to sustainable value creation, by anticipating risk, maximizing opportunities and building strong relationships with stakeholders, thereby ensuring the license to operate.

We integrate the fundamental principles of sustainability into our culture, strategy, activities and management activities. They are also present in our relationship with our employees, suppliers, customers, stakeholders and all those who, directly or indirectly, are affected by the activities of our organization.

Working together with all our stakeholders helps us to identify relevant key sustainability aspects, reflected in our materiality matrix.

Addressing materiality

The material topics are those that are considered more relevant, as they reflect the economic, social and environmental impacts of the organization, or they influence substantially the stakeholders’ evaluations and decisions.

At Galp, we implement a set of processes to identify and prioritize material topics related to sustainability. These issues allow us to continuously update and review how material topics create value to the organization and its stakeholders.

The identification of material topics is done through a comprehensive materiality analysis process, reviewed systematically, using the following guidelines:

The Global Reporting Initiative;
The 5-Part Materiality Test, proposed by AccountAbility, the United Nations Environment Programme and the Stakeholder Research Associates; and
The principles of inclusion, materiality, responsiveness and impact set in the AccountAbility norm AA1000 AccountAbility Principles Standard (AA1000AP 2018).

This approach guides our understanding of the main challenges we face, and those that have an effect on the organization’s capacity to create long-term value.

We seek feedback from our key internal and external stakeholders, in particular their perspectives on the importance of each aspect and their main expectations for the Company’s performance. This feedback is obtained through a formal, periodic and systematic consultation process with Galp’s stakeholder groups. In 2019, we assessed over 1,450 stakeholders' expectations regarding the relevance of sustainability key topics.

Our Materiality matrix

Our commitments

Galp believes that it is well positioned for the future, guided by its sustainability commitments.

In order to guide our actions on material issues, we have defined a set of sustainability commitments, approved by senior management and understood throughout our organization.

We intend to use these commitments to respond to the material issues and to the Sustainable Development Goals (SDGs), internally within Galp, and externally, prioritizing and taking into account the expectations and concerns of our stakeholders.

We are taking the following steps to address these challenges:

Establishing internal challenges;
Agreeing external commitments;
Maintaining an active knowledge network;
Continuously monitoring performance;
Committing management and employees;
Promoting a culture of sustainability;
Providing training for employees and management.

Our commitment to the Sustainable Development Goals

17 Pillars for a sustainable future

The 2030 Agenda for Sustainable Development includes a set of 17 Sustainable Development Goals (SDGs), adopted by the world leaders at the United Nations General Assembly in 25 September 2015.

The SDGs are a new global model to eradicate poverty, promote prosperity and well-being for all, protect the environment, and combat climate change, and set the roadmap for sustainability management priorities for the following years.

In order to achieve these goals, it is essential the commitment and effort of each and every one of us: citizens, society, companies and governments.

Galp is committed to the future and, the Sustainable Development Goals (SDGs) are for us more than simple commitments. These goals shape our business model and our performance, since they are shared and integrated in our everyday activity: focus on people, respect for human rights, security, combat inequalities, access to energy, responsible and sustainable production and consumption, protection of the environment, and combat climate change.

We assume the 17 SDGs as an integrated set of goals of fundamental importance for a sustainable future. However, within the sector where we operate and considering our activity, the goals assume a different preponderance. That's why we have grouped them into three blocks that reflect their position in our activity: material SDG, direct SDG and indirect SDG.

See our contribution to the material SDG.