Continuing our ESG Leadership: being the “best version of Energean we can be”
I’m very proud that our 2022 Sustainability Report (https://www.energean.com/media/5445/energean-sustainability-report-2022-a.pdf) demonstrates our continued ESG leadership position. ESG and Sustainable Development are at the heart of Energean’s ETHOS belief system and our business model – this is the right way to run a company. We pioneered ESG in the independent E&P space with our landmark Net Zero pledge, and will always continue on this path.
It is important to see that our operations create significant societal value. We deliver secure and reliable energy, we secure jobs, livelihoods and prosperity to people and places that we serve. Through our focus on responsibly produced natural gas, we support sustainable development and the replacement of more pollutive fuels.
This is particularly important in light of the global effects of Russia’s horrific invasion of Ukraine. An already tight global gas market is now stretched to the point that molecular availability and energy security are again major global challenges. We have entered a new stage of the energy dynamic, one where the classical “trilemma” of “reliability / security”, “price” and “sustainability” is back under consideration.
Our specific ESG performance was again highly positive. We achieved a 12.7% year-on-year reduction in carbon emissions intensity to 16 kgCO2e/boe on an equity share basis. This equates to a 76.6% reduction in carbon emissions intensity since our baseline year (2019). We are also focused on how we can improve our environmental position with regards to our wider impact, we recorded a 12.5% decrease in Scope 1 emissions and a 5.9% decrease in Scope 2 emissions in comparison with 2021.
We’re continuing to minimise our Environmental impact by increasing our use of renewable energy, recording a 24.2% reduction in non-renewable energy use in 2022. This puts us on the right track to deliver on our strategy to increase the use of low or zero-carbon energy. To complement our renewable energy use, we also promote recycling of both materials and water. In 2022, we recorded a 95.2% increase in recycled waste across our sites. In addition to this, we recorded a 99.8% increase in water from our production sites that was recycled, compared with 2021.
Our success has been verified by multiple ESG analysts. We improved our CDP Climate Change rating from B in 2021 to A- in 2022 and maintained our CDP Supplier Engagement rating of A-. We are rated “Platinum” in Israel’s Maala index on account of our CSR practices. We were awarded for the second year in a row, in “The Most Sustainable Companies in Greece 2023” (for our 2022 actions and initiatives).
In terms of our Social impact, we continue to develop strong relations with our communities securing our license to operate. Our engagement strategy’s objective is to unlock social value for the communities where we operate and the people we serve. Our strategy is based on the United Nations Sustainable Development Goals, with a strong focus on education, community & environment.
As part of our Social efforts, we maintain a commitment to the development of our people through training and education. With respect to our internal initiatives, we provided more than 7,250 hours of H&S certified trainings and more than 450 hours of internal trainings to our employees, leading to an increase in training hours per employee of 154% compared to 2021 (10 hours in 2022 from 3.94).
Safety is our number one priority across our operations. The strongest commitment we can make to our people is to keep them safe, each and every day. In 2022, we achieved our targets with regards to our overall Lost Time Injury Frequency (LTIF) and Total Recordable Incident Rate (TRIR) being below 0.60 and 1.20 respectively, whilst maintaining a rate of zero work-related fatalities
Oil & Gas is an inherently diverse business in that it is inherently international. We are proud to have developed and published our first Diversity, Equity and Inclusion policy. Embracing a diverse, equitable, and inclusive workforce is essential to maximising our business's success and helping to achieve our goals. All Energizers should be comfortable and accepted in their place of work.
All of this comes together in one mantra. We are committed to being the “best version of Energean we can be”. This means being a responsible producer of energy, committed to delivering against clear ESG objectives, providing secure and affordable energy to our communities, with the ambition to drive sustainable development.