Sun 01-08-2021 14:02 PM
ABU DHABI, 1st August, 2021 (WAM) -- Mubadala Petroleum published on Sunday its 2020 Annual Sustainability Report, detailing the company’s approach and impact on key Environment, Social, and Governance (ESG) parameters across its portfolio of assets.
As a result of a targeted strategy that embeds its footprint as a responsible, affordable, and long term provider of energy, the company has recorded a 25 percent reduction in Greenhouse Gas emissions over the last three years, according to the report.
This comes as Mubadala Petroleum reaffirms its efforts to align with the UAE’s ambitions on addressing the critical issues related to climate change. 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 10 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 percent gas weighted portfolio as part of the commitment to support the energy transition to a lower-carbon future, and 25 percent reduction in Green House Gas emissions over the last three years and a four percent 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 the prevention of unsafe and unsustainable activities and over 48 community enhancement initiatives, including the participation in the 20by2020 initiative organised by the Zayed Sustainability Prize, has also been mentioned in the report.
There was a six percent increase in female representation and 31 nationalities across the organisation, supporting the drive for greater diversity and inclusion.
The report has been prepared following Global Reporting Initiative Standards and 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.