Mubadala Energy 2023 sustainability report reveals progress in GHG emission reduction efforts

Mubadala Energy, an Abu Dhabi-based international energy company, has reported significant advancements in its Environmental Social and Governance (ESG) initiatives. The company achieved a two-thirds reduction in Scope 1 and 2 greenhouse gas (GHG) emissions from 2022, alongside a near 50% decrease in energy consumption across its portfolio. This reflects a substantial acceleration in the company s decarbonization efforts. The company s gas weighting increased from 66% in 2022 to 69% in 2023, emphasizing its commitment to a less carbon-intensive fuel and supporting the energy transition. Mubadala Energy also made progress in new energy sectors, including Carbon Capture Utilisation and Storage (CCUS) and geothermal energy. The company s Managing Director and CEO, Mansoor Mohamed Al Hamed, highlighted the company s dedication to sustainability, operational excellence, and safety. The company s first gas discovery in Indonesia and its commitment to planting 700,000 mangroves in the UAE by 2030 were also noted. In terms of social impact, Mubadala Energy recorded a zero total recordable injury rate (TRIR) and a lost-time injury rate (LTIR) across all operated assets. The company also benefited over 24,000 people through its Corporate Social Responsibility (CSR) projects in 2023, positively impacting more than 1 million people in the last decade. On the governance front, the company achieved zero incidents of non-compliance with applicable laws and regulations in 2023. The company also prioritized local suppliers, with 72% of its total spend in 2023 going to local businesses. Mubadala Energy s 2023 Sustainability Report aligns with Global Reporting Initiative (GRI) Standards and includes recommendations from the Task Force on Climate Related Disclosures (TCFD). The report examines key performance indicators across operational and environmental

Source: khaleejtimes.com
Published on 2024-09-18