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Material topics

The materiality assessment is conceived as a practice to define the Environmental, Social and Governance (ESG) priorities that companies must manage in line with their sustainability principles and their Corporate Strategy, while incorporating the visions and perspectives of their stakeholders.


The material issues steer the organization's management towards objectives and goals that contribute to fulfilling our higher purpose.


In 2023, GEB updated its material issues with the double materiality approach, which identifies and prioritizes the Company's impacts, risks and opportunities from a perspective of impact materiality (of GEB on the environment) and financial materiality (of the environment on GEB).

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.


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Topics included


Climate Change

Identifying, assessing and managing risks and opportunities associated to climate change (adaptation and mitigation), development of initiatives focused on energy transition.

Adaptation to climate change

Mitigation and compensation of climate change



Development of actions focused on the protection and conservation of biodiversity and ecosystem services in the areas of operation of GEB and its subsidiaries, including strategies based on the mitigation hierarchy (avoid, minimize, rehabilitate/restore and offset).

Ecosystem services

Protection and conservation of biodiversity

Mitigation and compensation of environmental impacts

Ecosystem restoration


Environmental performance

Define and implement strategies to protect biodiversity and prevent, mitigate and restore and/or offset environmental impacts caused by the activities of GEB and its subsidiaries along its value chain. In addition, it includes the efficient use of natural resources, air quality, and the management of energy, water and waste.

del aire, y la gestión de la energía, el agua y los residuos.

Use of natural resources

Atmospheric emissions

Energy efficiency

Water management

Waste management


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.

Low carbon technologies

Competitive energy.


Shared prosperity

Building conditions of well-being, progress and economic development in the communities of GEB and its subsidiaries’ areas of operations through the operations, infrastructure and services provided and the social investment programs implemented

Territorial development

Access to products and services

Relationship with communities


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.

Working conditions

Employment practices

Adequate salary

Strengthening skills

Talent attraction and retention

Corporate culture


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.

Health and safety at work for employees and contractors


Human rights

Fulfillment of commitments and implementation of mechanisms to care for, prevent, mitigate and protect the Human Rights of GEB's stakeholders and value chain. Includes the management of diversity and inclusion.

Diversity, equity and inclusion

Due diligence

Training and awareness

Human rights risk management


Responsible supply chain management

Responsible supply chain management, including ethical, environmental and social standards, promoting the hiring of local employees and suppliers, training and development of suppliers and contractors.

Local supply


Ethics and transparency

Promote integrity, transparency and ethical behavior in the GEB and its subsidiaries to strengthen the trust and long-term relations with all stakeholders.

Responsible business conduct

Conflict of interests

Corruption and bribery


Information management


Corporate governance

Implementing mechanisms for decision-making that generate profitability, competitiveness, transparency, trust and sustainability for all the Group’s companies, through a robust Corporate governance.

Management of subsidiaries

Ownership structure

Transition of boards of directors


Risk management

Comprehensive risk management, including the identification, assessment, definition and implementation of controls, monitoring and review, in order to prevent and mitigate the materialization of them.

Critical incident risk management

Emergency preparedness

Process security

Third party actions


Cybersecurity and information security

Proper management and handling of information security, prevention of cyber-attacks, privacy protection and confidentiality of stakeholder data.

Information security

Cybersecurity risks



Development and implementation of technological and innovative products and services that allow the incorporation of new sources of sustainable value according to the superior purpose and dynamics of the markets in which GEB and its subsidiaries operate.

Digital transformation

Innovation ecosystem

Culture and knowledge management

New businesses

New technologies


Economic performance

Economic performance, financial stability and sustainable growth.

Business profitability

Generation of value for investors and shareholders




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.


Climate Change

Shared Prosperity

Occupational Safety and Health

  • GEB’s operations contribute to a fair energy transition by expanding clean energies and mitigating climate change through the transportation and distribution of natural gas and electricity to end consumers.
  • The climate strategy is a crucial pillar of GEB's corporate strategy. This strategy directs our operations, affirming our role as a leader in the energy transition in Latin America. The strategy includes mitigation and adaptation actions.
  • Effective climate change management allows us to take timely action, identify and mitigate risks (physical and transitional), and seize opportunities. A robust climate strategy facilitates access to capital and long-term value creation.
  • Inadequate management of climate topics can lead to the materialization of operational, physical, financial, legal, market, and reputational risks.
  • Sharing prosperity with the local communities ensures building of relationships based on trust and a positive legacy in the territories of our operations. This in turn allows the projects and activities to be carried out according to the planned timetables and budgets, and contributes to the timely management of risks that may affect the continuity of the business and the services provided.
  • For the Group, the success of its business strongly depends on its capacity to generate prosperity and well-being for the communities in the areas of influence of its projects and operations.
  • The progress of the communities, a transparent relationship with them, and the creation of prosperity are necessary conditions to build transparent relations, create favorable conditions for sustainable development in the territories, mitigate social risks, and guarantee the viability of the company's projects and their long-term operation.
  • 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. Our commitment to Occupational Safety and Health is based on the premise that "decent work is safe work."
  • Superior performance in well-being and occupational health and safety are critical determinants of our business success and talent retention and attraction. These factors significantly influence our capacity for long-term value creation.
  • Accidents at GEB workplaces and a lack of healthy conditions are strategic risks. They could potentially lead to severe or fatal injuries, involve substantial economic costs, such as fines, penalties, and lawsuits, and disrupt the projects’ schedules and progress.




Climate Change

Shared Prosperity

Occupational Safety and Health

  • GEB's climate strategy is based on the identification and evaluation of risks and opportunities linked to climate change, robust governance, and the constant enhancement of emissions accounting and reporting processes.
  • This strategy is guided by the Climate Change Policy, which includes commitments to climate change mitigation and adaptation, and to the energy transition.
  • GEB and its subsidiaries have designed emission reduction pathways, technically and economically prioritized through Marginal Abatement Cost Curves (MACC).
  • The identification of adaptation measures for infrastructure in response to extreme weather events and permanent climate changes is currently in progress.
  • In addition, GEB prioritizes participation in projects associated with renewable energy sources.
  • GEB's shared prosperity strategy enables the implementation of its Sustainability Strategy and ensures the achievement of its higher purpose: “Improving Lives through Sustainable and Competitive Energy.”
  • Its implementation contributes to the creation of prosperous territories through 3 axes of action:
  • High-impact social and environmental investment for the improvement of the environment, local development, and the well-being of communities.
  • Recruiting local labor under conditions of equality and diversity.
  • Aligning its operations with local businesses and enterprises, favoring their formalization and inclusion.
  • All GEB companies develop high-impact local initiatives. An example of this is the "Legacy for the Territories" program that has an investment of over USD 8 million and aims to strengthen the capacities of more than 20,000 people in topics relevant to the energy transition through employment, entrepreneurship, and education projects.
  • GEB has established a strategy for cultural transformation in Occupational Health and Safety. This strategy promotes prevention and care for the integrity and lives of direct employees and contractor personnel. The strategy identifies, communicates, and prevents risks with a "zero accidents" vision for Occupational Safety and Health and Risk-Based Process Safety for Process Safety.
  • The OSH strategy is supported by an Occupational Safety and Health Management System (OSHMS). The system was designed in accordance with the international standard ISO 45001 and best international practices. It includes annual goals and indicators for all GEB subsidiaries to measure their performance, act preventively, and establish controls to minimize risks.
  • GEB and its subsidiaries implement programs that promote accident prevention and encourage healthy habits and lifestyles, and the overall well-being of its employees.

Climate Change

Shared Prosperity

Occupational Safety and Health

Achieve emissions reductions at least equal to those established in the Nationally Determined Contributions (NDCs) of the countries in which GEB and its subsidiaries operate.

• Colombia: 51% by 2030.

• Peru: 30% by 2030.

• Brazil: 43% by 2030.

• Guatemala: 11.2% by 2030.


Achieve carbon neutrality in all GEB operations by 2050.

The following targets have been set to improve the conditions for progress and social development in the communities within the operational areas of GEB and its subsidiaries:

  • Strengthen 20 local entrepreneurial ventures by 2025
  • Train 20,086 people from the areas of influence in the energy transition by 2030
  • Reach 1,500 beneficiaries of the Social Impact Bond in Bogotá by 2026
  • Benefit 88 students with awards in research and innovation in areas relevant to GEB by 2030

Materialize the "Zero Accidents Vision," beginning with fatal accidents and achieving significant reductions in lost-time work accidents:

  • "Zero fatal accidents" in the operations of GEB and its subsidiaries (of Group employees and contractors).
  • In 2025, have a Lost Time Injury Frequency Rate (LTIFR) of one (1).

The Board of Directors of GEB approved another goal in 2023, aimed at achieving GHG emission reduction targets within GEB and its controlled subsidiaries.


The variable compensation of all employees, including the CEO and GEB managers, was contingent upon the accomplishment of 9 company objectives. These included the reduction of emissions, which had a weight of 10% of the total.

In 2023, one of the objectives approved by the Board of Directors of GEB was to improve its performance in social affairs management, given its importance for creating conditions of shared prosperity and value generation for its stakeholders.


To measure this aspect, one of the 2023 goals is to improve GEB's position in the social dimension ranking of S&P Global's Corporate Sustainability Assessment. The above is considering that this dimension includes fundamental issues for the shared prosperity strategy, such as Human rights and Stakeholder Engagement. The weighting of this goal with respect to the total of indicators was 10%, and its fulfillment rate was 120%.


Fulfillment of the 9 indicators that make up the GEB corporate objectives determines the variable compensation for all employees, the CEO, and the executives.

In 2023, a corporate objective approved by GEB's Board of Directors was to improve its Occupational Safety and Health performance, measured via the Lost Time Injury Frequency Indicator (LTIF).


This target was included with the aim of maintaining the OSH performance achieved in recent years. The target for 2023 consisted in reducing lost time incidents, and a Proactive Performance indicator.


The variable compensation of all employees, including the CEO and GEB managers, was contingent upon the accomplishment of 9 company objectives. Among these was the LTIFR indicator, which contributed 10% to the total.

During 2023, Grupo Energía Bogotá updated its material topics using the double materiality approach, which identifies and prioritizes the Company’s impacts, risks and opportunities from a perspective of impact materiality (the impact of GEB and its subsidiaries on the environment) and financial materiality (impact of the environment on GEB and its subsidiaries).

The 10 identified internal and external stakeholder groups participated in the assessment process of potentially material topics from the impact materiality approach. Additionally, a preliminary assessment was carried out of ESG topics related to impacts, through stakeholder consultations (surveys, interviews, and field visits), obtaining 92 responses. Each group evaluated GEB's potential material topics based on:


  • Significant (both positive and negative) social, environmental, economic, and governance impacts of GEB and its subsidiaries.
  • Critical social, environmental, economic, and governance risks/challenges facing GEB and its subsidiaries currently and in the long term.
  • The main opportunities (social, environmental, economic and governance) identified in the context that would help increase the positive impacts of GEB and its subsidiaries.

    As a result, and aligned with previous materiality exercises, the most relevant material topics for external stakeholders continue to be "Shared Prosperity" and "Just Energy Transition"




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