Galp

As an integrated energy undertaking, Galp has a diversified portfolio, with ventures and businesses at different stages of execution and maturity, widely spread around different regions.

To ensure that the Double Materiality results reflected these different realities and contexts, it was fundamental to involve a broad, multidisciplinary team of Galp's strategic focal points. This participatory approach meant that we first had to familiarise people with the Double Materiality concept and purpose, and to be very hands-on in helping them carry out the assessment exercise, considering the subjectivity involved in the process and the need to ensure that the consolidated results would reflect a unified and representative view of the Galp Group.

What added to this challenge was the absence of any detailed ESRS guidelines on the double materiality assessment process, which on the one hand enables companies to adjust to different settings and ways of working, but on the other hand requires a long process of discussions and sharing ideas to ensure we’re on the right track.

Because this was Galp's first Double Materiality exercise, KPMG’s knowledge of the ESRS and its applicability was crucial for preparing our team and providing us with confidence in the soundness of the internal process we were putting together for the purpose. In addition, the KPMG team proved highly versatile in adapting to the procedures that best suited Galp, as our internal analysis took shape, and succeeded in analysing and consolidating a significant volume of information, provided by Galp's different teams, in a structured way. 

The findings of the Double Materiality exercise are guiding the review of the foundations of our Sustainability Roadmap, in alignment with the topics identified as being material.

The aim of this review is to direct our attention to the priorities, ensuring objective and disciplined execution of environmental, social and governance initiatives across all Business Units and Corporate Centre teams.

The Double Materiality analysis is an excellent tool for focussing companies on priority topics, even for those to which the CSRD does not apply. Although the aim is always to be more ambitious in what we do on the different sustainability topics, we believe it is fundamental to start building that structure of consolidated non-financial information bit by bit. It is important to identify the material topics, the respective information to be reported, and work on the internal control framework for that information. For those starting out on this journey, the process can be bewildering, and support from a specialist firm, such as KPMG, is a fundamental help.