Mubadala Petroleum has recorded a 25% reduction in Greenhouse Gas emissions over the last three years due to a targeted strategy that embeds its footprint as a responsible, affordable, and long-term energy provider.
Publishing its 2020 Annual Sustainability Report, which details the company’s approach and impact on crucial Environment, Social, and Governance (ESG) parameters across its portfolio of assets, Mubadala Petroleum reaffirms its efforts to align with the UAE’s ambitions on addressing the critical issues related to climate change, a WAM report said.
The report also sets out Mubadala Petroleum’s Sustainability Framework, which details how the company’s values shape its focus on three interconnected areas: a passion for people, a commitment to creating a positive environmental impact, and delivering on the promise of value creation and financial resilience to its shareholder – Mubadala Investment Company.
Commenting on the report, Mansoor Mohamed Al Hamed, CEO, Mubadala Petroleum, said: “Sustainability has always been central to our approach, but in 2020, when the world faced unprecedented challenges due to the Covid-19 pandemic, our corporate values and focus on sustainability were critical in enabling our resilience. This report highlights the significant progress we are making on key focus areas such as emissions and lowering our environmental footprint, while also supporting the energy transition towards a lower-carbon future by maintaining a gas-biased portfolio of assets across ten countries globally.
“In addition, we remain committed to positively impacting our communities and managing our business responsibly, including a continued priority on Health and Safety. Our commitment to sustainability remains central to the future of our business,” he added.
The report has highlighted more than 5.7 million working hours with zero Lost Time Incidents and zero fatalities since inception, driven by the company’s foundational commitment to maintaining a safe working environment.
About 62% gas weighted portfolio as part of the commitment to support the energy transition to a lower-carbon future, and 25% reduction in Green House Gas emissions over the last three years and a 4% reduction in 2020, reinforcing the commitment to maintaining a positive environmental impact, are the other achievements.
Zero spills above one barrel, driven by a robust operating philosophy focused on preventing unsafe and unsustainable activities and over 48 community enhancement initiatives, including the participation in the 20by2020 initiative organized by the Zayed Sustainability Prize, has also been mentioned in the report.
There was a 6% increase in female representation and 31 nationalities across the organization, supporting the drive for greater diversity and inclusion.
The report has been prepared following Global Reporting Initiative Standards. It discloses Mubadala Petroleum’s impact in 2020, examining several key performance indicators across areas such as operational and environmental impact, social contribution, human capital, and governance. The review also provides a detailed appraisal of the company’s contribution to achieving the key UN Sustainable Development Goals.