Our part in the global energy transition
It seems that in the news almost every week, we read or see new stories about how our industry is proactively looking to drive change as the world decarbonises and transitions to sustainable energy sources.
From setting targets for operating with net-zero emissions, to investing in new technologies and alternative fuel projects, the attention and focus on our industry to lead the change has never been greater.
At Carnarvon, we are well aware of this shift and the important balance that will be necessary to ensure the ongoing supply of reliable cost effective energy in forms that will change over time.
Carnarvon is in an advanced phase of our planned growth and operational transition from exploration and appraisal Company, into production Company with earnings. As this milestone draws closer, we plan to expand our focus in ways that will include pursuing opportunities for reducing and offsetting our carbon emissions.
As announced last year in October 2020, we published our first Sustainability Report (click here), an important milestone in our evolution from an exploration Company into production.
Only a few weeks ago this very Sustainability Report, along with other energy companies, gained interest from the Australian Financial Review.
The story focused on how energy companies are adapting to changes by the Australian Securities and Investments Commission, as it increases regulation of climate-related disclosures for company shareholders.
This latest development is yet another example of the increased pressure on publicly listed energy companies to become more transparent with how relevant information to shareholders and the broader market is disclosed.
The good news for our shareholders is that since our Sustainability Report was published, and despite the ongoing challenges and impacts of Covid-19, Carnarvon has continued to mature its core projects towards first production, whilst also introducing a new sustainability framework for the Company.
Proactively we set up a Risk, Governance and Sustainability Committee, making a deliberate move to create a new stream of reporting on our commercial and operational risk register.
We continue to see opportunities within the upstream oil and gas business to capitalise on the potential rising oil prices, while also playing an integral role within the new world of alternative energy sources.
As our maturity towards a production phase of growth continues, Carnarvon expects to make further announcements regarding new developments in the areas of climate change and sustainability in due course.
To read the AFR article in full click here.