Energean: Distinction for the Environment with the HYDROGEAN project

For the second consecutive year, Energean is awarded within the framework of Bravo! Sustainability Dialogues & Awards as, after last year’s distinction for its actions against the Covid-19 pandemic, the company was distinguished in the Environment pillar.

More specifically, Energean voted for the project “HYDROGEAN” which provides for the Carbon Dioxide Storage (CO2) and the Production of Ecological Hydrogen (Eco H2) in Prinos in the theme “Energy – Tackling Climate Change”.

The Prinos Carbon Storage, a project already approved for funding under the Recovery and Resilience Facility, will have a significant positive impact on the environment, as it will prevent the release of carbon dioxide emissions from industrial plants into the atmosphere, as they will are stored in old and, now, depleted deposits in the Prinos basin. In addition, it will significantly enhance the competitiveness of companies that will commit to storing their emissions, as it will relieve them of the significant cost of C02 emission allowances, which are close to historically high prices, following the rally in energy prices.

Such facilities are under development, especially in northwestern Europe, the United States and Australia, and are examples of high-tech applications. In addition to its contribution to tackling climate change and the competitiveness of Greek industry, the construction and operation of the carbon dioxide storage facility will contribute to the development of the area as a center of carbonation and high technology and will create new jobs, attracting additional and young scientists.

At the same time, the Ecological Hydrogen Production Unit (Eco H2) with a capacity of 40 tons per day (0.4 TWh per year), with raw material initially natural gas and second stage biogas and non-recyclable waste will contribute to the development of the hydrogen market in Southeast Europe. The unit is based on a technological “patent”, which has been developed by the company with the ability to retain carbon dioxide up to 99%, so the hydrogen produced will be extremely low carbon footprint.

The Director of Health, Safety and Environment of the Energean group, Mr. Vassilis Tsetoglou, stated in this regard: “We are very happy for this new important distinction that we achieved, in the framework of the Bravo! Concern for the Environment is at the heart of Energean’s ethics, business culture and everyday life and it is characteristic that, since 2019, when we committed to a zero balance in greenhouse gas emissions by 2050, we have already achieved to reduce our emissions under Scope 1 and Scope 2 by 70% at group level, and after securing the power supply of our facilities in Italy, we have achieved zero emissions under Scope 2 in all, now , our business facilities.

Our performance is reflected in the ratings of independent firms as in December 2021, the Carbon Disclosure Project (CDP) upgraded Energean to “B” from “B-” when the industry average is rated “C”. In addition, the Morgan Stanley Capital Index upgraded Energean rating to “AA” from “A” in 2020, while Sustainalytics rated the company as a Leader, ranking it over 90% of the industry.

“Our business practice is in line with the United Nations Sustainable Development Goals and we firmly believe that the gas and oil industry can be part of the solution to the problem of climate change.”

On behalf of Energean, in the context of the event that took place on Thursday 23 June at the Museum of the Old Parliament, the award was received by the CEO and Country Manager of the company in Greece Dr. Katerina Sardi, who stated in this regard:

HYDROGEAN is part of our overall design for a “green Prino”, which has already started with our agreement with PPC two years ago, according to which all the electricity consumed by the group is produced from renewable energy sources. Carbon Dioxide, in combination with our design for the production of Ecological Hydrogen, will make an industrial complex like Prinos almost environmentally neutral, turning it into a model in the Mediterranean.

It will give a whole new dimension to the mature and depleted hydrocarbon deposits, which, gradually being converted into CO2 emissions depots, will offer an important weapon in the effort to combat the effects of climate change.

These are investments that exceed 500 million and for the CO2 Storage we hope to secure the required permits as soon as possible and to proceed immediately with its implementation, starting in 2025, and for the Production of Ecological Hydrogen, we consider it necessary in “introducing incentives at European level similar to those in force during the period of RES penetration into the energy mix in order to make this new energy source competitive with natural gas”.

Bravo! is an institution of dialogue and promotion of initiatives that promote Sustainable Development, supporting a sustainable future.

It emphasizes the promotion of a systematic social dialogue, with the aim of creating a platform for exchange of views, information and open consultation, as well as a broader culture on the issues of Sustainable Development.

Each year, more than 160 organizations participate, submitting 250 initiatives they have developed, as well as 280 school units with more than 30,000 primary & secondary school students submitting, with 700 entries, their own proposals for creating a better world. In addition, 350 representatives of the social partners make up the dialogue and evaluation committees, while evaluating more than 55,000 active citizens.