REPORT SPEED/SUSTAINABILITY
Our double materiality analysis identified the energy transition as a relevant material topic in both the financial and impact aspects.
Opportune and proactive management of the energy transition not only guarantees GeoPark’s sustainability over time, but also generates value from business opportunities.
For us, the energy transition is the search for new alternatives based on low-emission energy sources, allowing us to diversify our portfolio and address the challenges associated with the transition to a lowcarbon economy. This will allow us to become more resilient, and anticipate new regulatory and market trends. This vision involves promoting innovation, education, and training within GeoPark to adopt new technologies that facilitate our adaptation to change and keep us at the forefront of trends and best practices.
At GeoPark we firmly believe that effectively managing the energy transition will also allow us to help protect the environment, generate value for our stakeholders over time and obtain better financial results. We have already implemented actions to decarbonize our operations that have allowed us to build capabilities that can be leveraged in energy transition projects and that are a differential for our Company
Innovation management can be leveraged in the energy transition to generate real impacts and potential benefits on the domestic economy, the environment and the development of new skills by our employees. Good innovation management has the potential to improve the Company’s resilience by making it more agile and adaptable to change. At GeoPark, we promote a culture of innovation in different areas, including energy transition, decarbonization, efficiency and governance opportunities, through a structured methodology to support projects.
At GeoPark, we align our growth strategy with delivering safe, affordable and reliable energy by creating and sharing prosperity through our SPEED Value System.This approach allows us to implement a transition based on using cleaner energies. This effort has led to us advancing innovation and implementing new technologies that foster a transition culture.
This vision has enabled us to launch pilot projects such as a 9.9 MW solar plant, donating biodigesters as part of our social investment, and generating and selling energy surpluses in the Llanos 34 Block.
As stated in our mission statement, innovation is part of our DNA and we have prioritized it as part of the material topics related to Energy Transition. We continue working to deepen our culture of innovation.
In 2023 we worked with innovation specialist Connect, a company that then led a workshop with the Executive Team to define the scope of innovation at GeoPark and define the names of related programs.
InnoVamos: At GeoPark, innovation encourages us to bravely test and challenge the status quo. It motivates us to implement flexible, sustainable solutions to facilitate our growth and drives us to be more efficient and create value, enhancing a culture that makes us different.
Innovation is not limited to regulatory compliance at GeoPark. We are guided by the aim of continuous improvements in management, to become a more efficient, agile and competitive company. We explore ways to promote organizational excellence and productivi
To define the strategic challenges that innovation methodologies should address, we conducted a survey among a group of approximately 50 GeoPark leaders. This revealed four management focuses:
