Energean: Reduced carbon emissions by 8%

Energean achieved a further 8% reduction in carbon emissions in 2021. This is reflected in the 4th Sustainable Development Report entitled “Combining Different Cultures for a Sustainable Energy Transition” which was published and signed by Ernst & Young.

As pointed out in the company announcement, the Report presents the way in which the company implemented and managed the sustainability policy both at Group level and in the business field. “The ESG (Environment, Social, Governance) triptych and Environmental Sustainability are fundamental pillars of Energean’s business model and are at the heart of its ETHOS value system. The latter includes Energean‘s main vision which is to create value for all its social partners (Stakeholders) and to create sustainable economic growth in all the countries and societies in which the company is created “, underlines, among other things.

The main points of the report can be summarized as follows:

Emission reduction

-2021 was a year of transformation for Energean, as the company focused on natural gas, a choice the validity of which concerns both the planet and the societies that welcome the company’s activities.

-During the year, Energean achieved a further reduction of 8% in carbon emissions (a total of 73% from 2019, aiming to decline by 85% by 2025), which were reduced to 18.3 kg of CO2 per barrel of equivalent power produced oil. At the same time, it implemented a policy of zero gas combustion, in addition to emergencies, in all its operational facilities.

-In addition, in 2021 Energean secured the electricity supply of its facilities in Italy with energy produced by 100% from renewable sources, achieving zero emissions under Scope 2 in all, now, its operational facilities.

Ratings

-In December 2021, the Carbon Disclosure Project (CDP) upgraded Energean rating to “B” from “B-“, when the industry average is rated “C”.

-The Morgan Stanley Capital Index upgraded Energean rating to “AA” from “A” in 2020.

-Sustainalytics rated the company as a Leader, ranking it over 90% of the industry.

Health, Safety and Environment

-Security is and will remain the first priority of Energean and the company is proud to have had excellent performance in the sector in 2021.

-During the year, Energean completed more than 11 million man-hours without accident (Lost Time Injury) in the construction of FPSO “Energean Power” in Singapore and almost 1 million man-hours in its facilities.

Society

-For Energean, supporting energy security in local communities is at the heart of its approach to sustainable development. The Karish field development project in Israel will enhance security of supply in the Eastern Mediterranean in terms of sustainable development.

-Our commitment to the Environment and Society was confirmed as, despite the pandemic of COVID-19, we managed to cooperate with local communities both in actions for the World Environment Day (beach cleaning, etc.) and in initiatives for the support of our fellow citizens and the structures that serve them in their daily lives.

Ilia Riga, Head of the Corporate Social Responsibility department, commented: “We tried to create a report that expresses our special place in the world of energy, a place characterized by activity in many different countries and cultures. Although we have a leading presence in sustainable development in the field of hydrocarbon research and production, our high sense of corporate responsibility is not limited to environmental issues. “We are very proud to provide a safe work environment for our people and that our corporate culture encourages diversity, non-exclusion and our positive engagement with the wider societies that host our business.”

On the occasion of the publication of the Sustainable Development Report for 2021, a blog by Mathios Rigas, CEO of the Energean group, notes: A major relevant issue that has become apparent well after this report had been started and after the period on which is reports is energy security. There has rarely been a time in recent history where the issue has been of such urgent importance. Russia’s horrific invasion of Ukraine has created an energy crisis across Europe, which will reshape and redefine the globally interconnected energy market for decades to come. As we face this new and uncertain future, energy security at all levels – national, continental and global – has been thrust up the political agenda. From a sustainability perspective, companies operating across the energy sector have a crucial role in supporting energy security.”