Case Study: How NOCs can pave the way for a just energy transition

50kt

Amount of green hydrogen Ecopetrol aims to generate by 2025

US$277bn

Projected value of hydrogen generation market by 2032

40

Number of countries exploring natural hydrogen deposits in 2023

380Mt

Amount of low-carbon hydrogen and its derivatives required per year to limit global warming to 2°C

cs15

Case study summary

National oil companies (NOCs) are pivotal in the global energy landscape. They hold nearly 60% of the world’s oil and gas reserves and are responsible for more than half of the oil and gas production. This underscores the significant role NOCs can play in the energy transition and their potential impact on achieving net-zero targets.

Among forward-thinking NOCs, Ecopetrol stands out for its substantial investment in green energy. The Colombian oil and gas giant is committing US$1.23 billion to accelerate its transition efforts. This investment aims to enhance its exploration of renewables and hydrogen, improve energy efficiency, and develop carbon capture technologies. Ecopetrol is also channelling funds into Interconexión Eléctrica (ISA), the Colombian power transmission company.

These strategic plans align with Colombia’s climate objectives and reflect the pathways being explored by some Latin American countries. The continent is emerging as a significant player in the renewable energy sector and has the potential to be a key contributor to the global shift towards low-carbon hydrogen—an essential component in the pursuit of net-zero emissions worldwide.

Organisations involved: Ecopetrol, ISA

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What is the Energy in Context series?

The transformation of the world’s energy system offers a unique opportunity for economic growth, with the energy sector driving global advancement.

ADIPEC’s Energy in Context series presents high-value briefs and case studies that showcase progress, foster dialogue and fast-track innovation to accelerate the energy transition.

The series explores key pillars driving the industry’s transformative journey towards a secure, equitable, and sustainable energy future.

Decarbonising today’s energy systems

Energy, economic growth and emissions

Financing a just, orderly and equitable transition

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Synergies between energy and AI, technology

Navigating the energy transition talent gap

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