Galp seeks to create a strategy that tackles the current and future context of energy and mobility, ensuring Galp’s resilience and agility in an increasingly complex, fast, and ever-changing world.
We are focused on the development of sustainable businesses that generate value, as an integrated energy Company, through a diversified portfolio of energy generation, ranging from oil and natural gas production to renewable energies, with an industrial background geared towards the new market needs, through the adaptation, efficiency and continuous transformation of its processes, and with more innovative commercial solutions that promote the energy transition of our customers and consumers.
For more information about the scenarios used by Galp, please see chapter 2.1 of our Integrated Report.
Climate change risks
Galp has been working on the categorisation of physical and transition climate risks in its activities. This analysis aims to assess the resiliency of our strategy to different scenarios, as well as identify the most relevant associated risks and opportunities.
Galp integrated the TCFD recommendations in the identification of these climate change related risks. Chronic and acute physical variables (such as the increase in average temperature, number of extremely hot and cold days, average wind, average rainfall, sea level rise, frequencies of extreme events such as rainfall, wind and probability of wildfire) as well as market variables (such oil prices, CO2 prices, electricity prices, refining margins and oil & gas demand) were collected in order to estimate the impact of climate change risks in Galp’s operations and value at risk.
As part of the mitigation and adaptation plan with measures to avoid or reduce the associated risks and foster opportunities, Galp has presented a refreshed strategy to reshape its Portfolio, refresh Relations and reenergise People. Galp is going to scale-up the renewables business, expand the position in the electricity value chain and develop new energies to accelerate the decarbonisation path, with the ambition to become net carbon neutral by 2050.
For more information on Galp refreshed strategy, please see our Strategy.