Increment greater ESG disclosure, clarity, and accuracy
Galp is dedicated to enhancing transparency in disclosing non-financial performance by adhering to globally recognised reporting standards and frameworks.
Risk management and internal controls over sustainability reporting
The internal control and risk management system related to sustainability reporting is an integral part of Galp’s corporate risk management system.
Galp has formalised its reporting governance model for sustainability information through an internal standard based on the three lines model. This standard clearly defines the responsibilities of key stakeholders and aims to promote and strengthen the Company’s internal control system. The Sustainability Committee and the Audit Board act as key supervisory bodies for sustainability reporting. The Corporate Sustainability department is responsible for preparing the sustainability statement, which includes conducting the double materiality assessment.
Galp’s internal control system for non‑financial information, structured on the basis of the COSO Internal Controls over Sustainability Reporting framework, aims to ensure the reliability of sustainability reporting, compliance with applicable legal requirements, and the proper application of rules and methodologies in the preparation of the information to be disclosed.
Advancements in data solutions have also contributed to increased data traceability and transparency, providing interconnection between Galp's enterprise data hub, with catalogued data and effective quality controls, and a dedicated sustainability reporting software.
Galp ATENA
The ATENA project was a finalist in the 10th edition of the Axians Portugal Digital Awards. This project consisted of the implementation of a technological solution for sustainability reporting, designed to ensure data integrity from its source and to automate more than 1,600 ESG metrics through integrated flows between Galp’s Enterprise Data Hub and the reporting platform. ATENA has proven to be fundamental for more efficient reporting, ensuring data traceability and supporting decision‑making based on reliable information, which is critical to the Organisation.
While significant progress has been achieved, Galp recognises that continuous improvement is essential to achieve the same level of maturity in non-financial information controlling as in financial controlling.
This ongoing effort is crucial to mitigating potential risks of reporting misstatements due to human error or incomplete data, ensuring the reliability and integrity of Galp’s sustainability reporting. Also, Galp will remain vigilant in tracking legislative developments, ensuring timely adjustments to procedures to align with any new requirements that may be introduced under the EU CSRD, including those arising from the EU Omnibus Package.
EU Taxonomy
The EU Taxonomy regulation, part of the European Green Deal and Sustainable Finance framework, provides a common framework for evaluating the sustainability of economic activities. It guides investments toward endeavours that positively impact the environment and society and outlines criteria to recognize sustainable economic activities that support EU environmental goals.
Galp’s EU Taxonomy report has been conducted considering the Taxonomy Regulation (EU) 2020/852, the Climate and Environmental Delegated Acts and their annexes, the Complementary Climate Delegated Act, the Disclosures Delegated Act, the Delegated Regulation amending the Climate Delegated Act, as well as Galp’s current interpretation of the EU Taxonomy regulation. Additionally, other published documents such as the FAQs and the Commission Notices available on the “FAQs repository” of the EU Taxonomy Navigator, were also considered.
The eligibility assessment method involved a thorough examination of Galp's business operations, conducted based on the EU Taxonomy Climate and Environmental Delegated Acts, which cover the six environmental objectives.
The alignment assessment of the activities identified as 'eligible' begins with verifying compliance with the criteria for making a substantial contribution to one of the six environmental objectives. Although, most of Galp's eligible activities are applicable to both the climate change mitigation and climate change adaptation environmental objectives, the Company considers that it contributed more significantly to climate change mitigation, given the nature of its activities. Apart from the substantial contribution criteria, the EU Taxonomy regulation includes the principle of Do No Significant Harm (DNSH). The compliance with DNSH criteria involved a comprehensive assessment of activities against established criteria that must be met to avoid significant harm to any of the relevant environmental objectives.
For additional details regarding Galp's EU Taxonomy context, alignment, and performance, please consult our Annual Integrated Report 2025.