Grupo Energía Bogotá’s updated double materiality assessment was conducted using a six-stage methodology. Firstly, an analysis of the organizational context was performed, taking into account the Group’s business model, value chain, subsidiaries and sustainability management. Next, potentially material issues were identified using internal and external sources, such as previous materiality assessments, the corporate strategy, industry trends, reference frameworks and regulatory requirements. The impacts, risks and opportunities associated with each issue were then evaluated in terms of their effect on people and the environment, as well as their potential impact on the Group’s value creation and performance. These results were then assessed by strategic area and refined through consultations with external stakeholders to incorporate their perspectives and expectations. Finally, the results were consolidated into a dual materiality matrix, enabling the prioritization of the most relevant issues for the Group and its stakeholders and thereby strengthening decision-making and sustainability management.
Considering the nature of each stakeholder group, two consultation methods were defined.
Direct consultations: These allow for individual engagement with the stakeholder group, generally through virtual interviews or surveys.
Indirect consultations: These are used when, due to the complexity of the stakeholder group, it is necessary to resort to alternatives such as:
a) engaging an intermediary who has a close relationship with and knowledge of the group's interests and concerns, or b) reviewing secondary information to identify the issues of interest to that group.
The results of the double materiality update are summarized in the following chart. Issues that are doubly material represent the Group’s strategic sustainability priorities because they are relevant from both perspectives. Financially material issues primarily reflect their impact on economic and financial performance, while impact-related material issues are notable for their effect on stakeholders and the environment. Although they are of lower relative priority, relevant issues continue to be managed as part of the Group’s commitment to sustainability and continuous improvement. This prioritization enables management efforts to focus on the issues with the greatest potential to generate long-term sustainable value.
This exercise was developed using as reference some guidelines from the European Sustainability Reporting Guidelines 1 ESRG1 of the European Financial Reporting Advisory Group (EFRAG) as well as the Universal Standard 3: Material Issues 2021 of the Global Reporting Initiative GRI, as well as other documents, methodologies and guidelines related to the evaluation of impacts, risks and opportunities.
| No. | Issue | Description |
|---|---|---|
1 | Climate Change | Identify, assess, and manage the risks and opportunities associated with climate change through emissions mitigation and adaptation strategies aimed at reducing physical and operational impacts. These actions strengthen the resilience of existing infrastructure and enable progress toward an energy transition that is efficient, sustainable, and aligned with climate commitments. Climate management is integrated into the corporate strategy, facilitating access to financing and generating environmental and economic value. |
2 | Biodiversity | Protect and conserve biodiversity and ecosystem services in the areas where GEB and its subsidiaries operate by implementing mitigation processes (prevent, mitigate, restore, offset, and transform) to prevent and correct the impacts resulting from their activities. This approach includes responsible land use, the incorporation of technologies to identify and control risks and impacts on biodiversity, the protection of flora and fauna, and the implementation of reforestation and ecological restoration programs that strengthen ecosystem connectivity. In addition, it includes the assessment of the social and cultural benefits associated with archaeological findings and the integration of conservation criteria into project planning, ensuring that the Group’s operations contribute to environmental balance and the well-being of communities. |
3 | Environmental performance | Manage and improve the environmental performance of GEB and its subsidiaries through comprehensive strategies aimed at preventing, mitigating, correcting, and offsetting the negative impacts generated throughout its value chain. Environmental management encompasses the efficient and responsible use of natural resources, the reduction of discharges associated with operations, the sustainable management of water and waste, and the optimization of operational processes based on criteria of efficiency and continuous improvement. It also promotes the implementation of circular economy practices that optimize operational processes, reduce the environmental footprint, strengthen business competitiveness, and advance toward a more sustainable, efficient business model aligned with the Group’s environmental commitments. |
4 | Just energy transition | Prioritization of investments in projects for generation using renewable and non-conventional renewable energy sources, and the development of strategies and initiatives that contribute to accelerating energy transition and low carbon development. |
5 | Shared prosperity | Contribute to the well-being and economic and social development of the regions where GEB companies operate through energy infrastructure, social and environmental investment, the hiring of local labor, and supply chain linkages. The prosperity of these regions is a necessary condition for business success, the building of trust-based relationships with stakeholders, and the creation of value. |
6 | Talent management and well-being | Implementation of practices focused on the development, attraction, retention, well-being and capacity-building of GEB employees and its subsidiaries in a way that ensures compliance with strategic objectives. |
7 | Health and safety at work |
Managing employee and contractor safety and health, including prevention of injuries and illnesses caused by work conditions, as well as promoting the well-being of the employees. |
8 | Human Capital management And well-being | Implement strategies focused on developing, attracting, and retaining talent through fair employment practices that promote personal and professional growth within environments that offer equal opportunities for advancement, holistic well-being, and ongoing training. This includes strengthening the commitment and capabilities of all employees at GEB and its subsidiaries. |
9 | Responsible supply chain management | Ensure responsible operations throughout the supply chain by incorporating Environmental, Social, and Governance (ESG) criteria. This objective is achieved by strengthening the processes for identifying, selecting, and evaluating suppliers based on ESG criteria, promoting sustainable practices, and implementing contractor development programs. |
10 | Ethics and transparency | Adoption of standards and practices of responsible business conduct that promote integrity, transparency, and ethical behavior within GEB and its subsidiaries. This includes managing conflicts of interest, preventing corruption and bribery, ensuring regulatory and tax compliance, and managing information responsibly. It promotes ethical governance and transparency in decision-making, strengthening the trust of all stakeholders and ensuring that the Group’s operations are conducted responsibly, fairly, and sustainably. |
11 | Corporate governance | Establish a corporate governance structure that spans the business group while maintaining independence as the driving force behind strategic and business decisions. This approach aims to foster cross-functional decision-making, build capabilities, ensure process agility, and facilitate the transfer of guidelines from the Group Executive Board (GEB) to its subsidiaries. |
12 | Risk management | Identify, assess, and comprehensively manage risks that may affect the operations, reputation, or sustainability of GEB and its subsidiaries, while strengthening control, monitoring, and timely response mechanisms. This management approach covers strategic, operational, financial, environmental, social, and emerging risks, taking into account national and international economic conditions that impact business continuity, emergency preparedness, and the evaluation of third-party actions. It also promotes the incorporation of technological tools, such as artificial intelligence, for the recording and analysis of risk materialization events, fostering agile, data-driven decisions to anticipate scenarios and strengthen organizational resilience. |
13 | Cybersecurity and information security | Manage the security, privacy, and confidentiality of information through practices that ensure its integrity and availability. This also includes the implementation of systems and protocols for the prevention, detection, and response to cybersecurity risks and threats. |
14 | Digitalization and innovation | Scale up the capabilities of GEB and its subsidiaries by identifying and gradually enhancing creative skills, digital culture, and projects with the potential to drive prosperous and competitive growth in the regions. This includes strategic partnerships with startups and SMEs that facilitate the transfer of technology and knowledge, while also fostering a culture of innovation within the organization. |
15 | Economic performance | Economic performance, financial stability and sustainable growth. |
| 16 | Customer relations | Building relationships based on trust and transparency with customers and users of GEB and its subsidiaries. This includes awareness-raising initiatives on the safe and efficient use of gas and energy, as well as the dissemination of transparent information regarding billing and rate changes. |
| 17 | Human Rights | To respect, promote, and safeguard the human rights of all stakeholders of GEB and its subsidiaries, ensuring that operations and business relationships are conducted in accordance with the principles of equity, inclusion, and respect for human dignity. Management aligns with international frameworks such as the Guiding Principles on Business and Human Rights for human rights due diligence, the identification and mitigation of risks associated with the supply chain, and the training and awareness-raising of employees and contractors. It also considers diversity, equity, and inclusion as cultural pillars that drive sustainable development in the regions where the Group operates. |
| 18 | Occupational Health and Safety | To protect the lives and physical and mental well-being of employees, contractors, and strategic partners by implementing management systems that ensure safe working conditions in processes and healthy environments that comply with national and international standards. Occupational health and safety management at GEB and its subsidiaries is carried out under the principles of regulatory compliance and continuous improvement, incorporating frameworks such as ISO 45001 and the requirements of the Occupational Health and Safety Management System (SG-SST). This approach encompasses the prevention of accidents, injuries, and occupational illnesses, the strengthening of a preventive culture, and the promotion of leadership in operational safety. |
| 19 | Financial performance | Ensure the high financial performance of GEB’s businesses, guaranteeing the company’s continuity and the creation of value for shareholders, investors, and other stakeholders. Additionally, prioritize investments that ensure GEB’s competitiveness, its leadership in the sector, and the fulfillment of its corporate strategy. |
| 20 | Energy Transition | Contribute to the diversification of the energy mixes in the regions where GEB and its subsidiaries operate, ensuring a socially equitable, orderly, and efficient energy transition. Additionally, develop initiatives that contribute to the sector’s resilience, energy security, and the economic and social development of these regions. |
| 21 | Grid Scalability and new business | Develop and promote opportunities for sustainable growth by expanding GEB’s service networks and diversifying its business portfolio. This initiative involves building relationships and strengthening national and international strategic alliances, leveraging regional integration as a platform for expansion, and creating synergies with industry associations, regulators, and companies in the sector to strengthen the Group’s position in energy markets. It also seeks to align voluntary initiatives and corporate commitments with strategic sustainability goals, driving economic and energy development in the region. |
| 22 | Regulatory Compliance | Monitor and anticipate changes in public policies, standards, and regulatory frameworks that affect GEB’s operations, ensuring proactive and transparent management in dealings with authorities and stakeholders. Regulatory compliance management promotes participation in long-term sector-wide projects and consensus-building, as well as the development of preventive regulatory management strategies. In addition, it incorporates the use of environmental and social impact assessments as tools to support corporate decisions and generate initiatives that strengthen trust and shared value with communities and the environment. |
Material issues for creating business value
Of the identified material issues, Climate Change; Shared Prosperity; and Occupational Safety and Health can have a high impact on GEB's business and the generation of long-term value. These three topics are integral to GEB’s corporate strategy and act as catalysts in achieving its higher purpose and vision for 2030.
Energy Transition | Occupational Health and Safety | Climate Change |
|---|---|---|
GEB is committed to contributing to a just energy transition by developing and operating energy infrastructure that incorporates cleaner, safer and more efficient systems. This issue is considered a growth enabler in the electric power transmission business and in other sustainable energy solutions. It is also a key element in meeting the energy demands of the regions in which GEB operates. Its management enables GEB to capitalize on opportunities arising from decarbonization, strengthen its position as a key player in the regional energy transition and ensure the long-term generation of sustainable value. Proper management of this issue allows GEB to generate more revenue from new business opportunities related the expansion of energy infraestructure, diversify its revenue streams, and reduce its dependence on traditional segments or geographies. This also enables GEB to mitigate risks and also reinforces GEB's position as a key player in the regional energy transition and ensures the generation of long-term sustainable value for its stakeholders | For Grupo Energía Bogotá and its subsidiaries, protecting the lives and safety of its employees is a top priority. “Life Comes First” is the main corporate value. Its commitment to Occupational Safety and Health is based on the premise that "decent work is safe work". Given the inherent risks associated with energy infrastructure operations, occupational health and safety is a critical material issue for GEB. Effective management of OHS is essential for ensuring operational continuity, protecting human capital, retain and attract talent, and supporting the business strategy. GEB has a robust corporate system with consistent standards and prevention programs designed to strengthen a culture of self-care and minimize incidents.
This material issue increase value creation by reducing accident-related costs, improving productivity, ensuring regulatory compliance, strengthening investor and stakeholder confidence, and ensuring that project timelines are met and operations expand. | Effective climate change management enables timely action, the identification and mitigation of risks (both physical and transition risks), and seizing opportunities. A robust climate strategy facilitates access to capital and long-term value creation. However, inadequate management of climate issues can lead to operational, physical, financial, legal, market and reputational risks materializing.
The climate strategy is a crucial pillar of GEB's corporate strategy. This strategy guides GEB's operations, affirming its role as a leader in the energy transition in Latin America. The strategy includes taking action to reduce greenhouse gas emissions and strengthen asset resilience. |
| Revenue | Cost | Risk |
Energy Transition | Occupational Health and Safety | Climate Change |
|---|---|---|
| Grupo Energía Bogotá is addressing the energy transition through its strategic pillars: Transmission of Tomorrow, Gas for the Future, Smart Cities, and Sustainable Generation, developing infrastructure and solutions that enable cleaner, more efficient, and more resilient systems. Under Transmission of Tomorrow, projects such as Colectora strengthen the national grid and integrate renewable energy, driving decarbonization. Under Gas for the Future, natural gas—through TGI, Contugas and Cálidda—serves as a transition fuel, providing reliability, social equity and reducing emissions. In Smart Cities, GEB aims to drive and leverage the development of new energy transformation businesses in the cities where the Group operates. Finally, Sustainable Generation promotes lower-emission sources. Together, these pillars enable the company to capture growth opportunities, diversify revenue, and ensure the creation of long-term sustainable value. | GEB has strengthened its strategy for cultural transformation in Occupational Health and Safety under the “Life First” principle, reinforcing prevention and care for the integrity and lives of employees and contractors. In 2025, the strategy deepened its focus on critical risk management, risk anticipation, and prevention of high-impact events, maintaining a zero fatalities and severe accidents vision and a risk-based approach to Process Safety.
| GEB’s Climate Strategy has three action lines: mitigation, adaptation, and risk management.
|
Transición Energética | Salud y Seguridad en el Trabajo | Cambio Climático |
|---|---|---|
In the Energy Transition, the GEB maintains its goal of reaching an installed capacity of between 6.7 and 7.1 GW by 2030, including between 1.6 and 1.8 GW from non-conventional renewable energy sources (FNCER). This strategy not only seeks to advance decarbonization and strengthen energy security, but also to promote a just energy transition through investments that create jobs, develop strategic infrastructure, expand access to energy services, and contribute to the well-being and development of communities in the regions where the Group operates.
The variable compensation of all employees, including the CEO and GEB executives, depended on the attainment of seven eight company objectives. Among these, "Positive environmental and social impact". | GEB has adopted the corporate objective of 'Life Comes First', with the aim of fostering a culture of zero harm by preventing serious and fatal accidents, managing critical risks, and strengthening safety leadership. By implementing the Vision Zero model, the Group aims to safeguard the lives and wellbeing of its employees and contractors, promoting safe working conditions that contribute to operational excellence and business sustainability.
In 2025, the Board of Directors of GEB approved the improvement of the company's occupational safety and health performance, as measured by the Lost Time Injury Frequency Indicator (IFIAT spanish acronymus)
The variable compensation of all employees, including the CEO and GEB executives, depended on the fulfilment of eight company objectives. Among these, "Improve employees lives and unlock their potential by being competitive, trustworthy and ethical". This objetive has OSH indicators which contributed 10% to the total. | In 2025, GEB updated its climate goals to align them with operating conditions and promote cost-effective decarbonization measures. The Board of Directors approved the goal of achieving a 20% reduction in Scope 1 and 2 operational emissions compared to the Business-as-Usual (BAU) scenario by 2030 and a 30% reduction by 2035. These goals reflect the Group’s commitment to resilient, low-carbon operations, integrating climate management into the planning, execution, and operation of its businesses.
The variable compensation of all employees, including the CEO and GEB executives, depended on the attainment of eight company objectives. Among these, "Positive environmental and social impact". This objective has 7 milestones, four of them are associated to climate change |
Material Issues for external stakeholders
In 2025, Grupo Energía Bogotá updated its double materiality analysis to identify and prioritize the Company's most relevant impacts, risks and opportunities from the perspectives of impact materiality (GEB and its subsidiaries' impacts on people, society and the environment) and financial materiality (risks and opportunities affecting the Group's performance and value creation).
This involved reviewing internal and external information, as well as characterizing and assessing impacts, risks and opportunities. Direct and indirect consultations were also conducted with internal and external stakeholders, including communities, customers, regulators, investors, suppliers, trade associations and shareholders. These stakeholders shared their perspectives on the most relevant environmental, social and governance (ESG) issues for the Group.
In line with the priorities identified in previous assessments, the most relevant material issues for external stakeholders remain Shared Prosperity and Energy Transition due to their potential to generate significant impacts in the regions where GEB operates. Stakeholders emphasized these issues' contribution to economic and social development, value creation for communities, energy security, energy mix diversification, and the promotion of an equitable, orderly, and efficient energy transition.
Was recognized for its contribution to well-being, as well as to local economic and social development, through energy infrastructure, social and environmental investment, job creation and production chains. These elements are considered essential for building relationships of trust and creating sustainable value.
Impact: Positive
Stakeholders: Clients, trade unions, community, partners, shareholders, investors, board of directors and senior management
| Relevance to stakeholders |
External stakeholders expect GEB’s operations to generate prosperity in the regions in which it works, contributing to local development and reducing social inequalities while ensuring a fair and inclusive energy transition. Therefore, shared prosperity is essential for the successful development and expansion of GEB’s projects. GEB’s shared prosperity strategy has a positive impact through the implementation of social investment, territorial development and stakeholder engagement initiatives. These initiatives foster community participation in the value chain, create local jobs, build capacity, and promote entrepreneurship and local economies. The main stakeholders to benefit from this positive impact are local communities, regional authorities and social actors in areas of influence. They enjoy improved living conditions, access to economic opportunities and institutional strengthening. This improves well-being and social equity, and contributes to the legitimacy of projects, the establishment of trusting relationships, and the long-term sustainability of operations. |
| Impact measurement methodology | Grupo Energía Bogotá uses the SROI (social return on investment) methodology to measure the impact of its social prosperity initiatives. Methodology: The SROI calculation only applies to projects with clear objectives, a defined scope, and direct beneficiaries within communities. This makes it possible to anticipate significant, measurable impacts that contribute to development and well-being. It does not apply to initiatives where beneficiaries cannot be identified or quantified, or to initiatives oriented towards diagnostic, evaluation or formulation processes. This is because, by their nature, these initiatives do not generate direct impacts that can be measured as social return. Scope: social impact initiatives of GEB and its subsidiaries. Process: Impacts evaluated: |
| Output | Results | |
| Impact measurement results |
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The impact of the Energy Transition on energy security, the diversification of energy mixes, and the reduction of dependence on carbon-intensive fuels was highlighted, as was its promotion of a socially equitable, orderly and efficient transition that fosters the economic and social development of regions. Stakeholders also emphasised the GEB’s important role in encouraging sustainable, competitive and reliable energy, which contributes to community development and energy sector resilience.
Impact: Positive
Stakeholders: Customers, Suppliers, and Contractors; Trade Associations; Regulators; the Media; Subsidiaries; Shareholders; the Board of Directors; and Senior Management
| Relevance to Stakeholders |
External stakeholders expect Grupo Energía Bogotá to promote a just and inclusive transition through the diversification of the energy mix, responsible management of environmental issues, and effective management of the risks and opportunities associated with climate change.
In this context, GEB’s operations are expected to improve the reliability of the electric grid and air quality, while reducing its carbon footprint, thereby generating environmental and social benefits. Furthermore, given the specific dynamics and challenges of the regions in which it operates, GEB’s activities are expected to contribute not only to the country’s energy transition but also to supporting local development and the well-being of communities.
To meet these expectations, the Group focuses its operations on energy infrastructure that ensures energy security, promotes the use of renewable energy and natural gas as a transition fuel, and develops initiatives related to sustainable mobility, energy efficiency, open innovation, education, job creation, income generation, and social equity.
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| Impact Measurement Methodology | GEB carried out the economic valuation of the social impact of its operations following the international impact accounting principles developed by the International Foundation for Valuing Impacts and the Value Balancing Alliance. GEB and its subsidiaries generated USD $230 million in social value in 2025: $97 million in savings and avoided costs for customers and users, $84 million in benefits for the environment and natural resources, and $49 million in benefits for communities, users, and employees generated by programs and projects.
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| Output | Results | |
| Impact measurement results |
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Stakeholders & materiality
