Latest report covers key Environment, Social and Governance (ESG) priorities with notable enhancements on GHG emissions and energy intensity performance indicators.
Abu Dhabi, 9th August 2023: Mubadala Energy, the Abu Dhabi-based international energy company, has today released its latest Sustainability Report. In a pivotal year for the company in which it launched a new strategy focused on expanding its business in low-carbon solutions supporting the energy transition, and unveiled a new name and brand, the company recorded substantial progress on key ESG priorities, guided by its sustainability strategy.
Although 2022 saw unprecedented disruptions in the global energy industry, Mubadala Energy’s focus on embedding sustainability across its business resulted in its enhanced performance across several of its material ESG indicators. On environmental benchmarks, the company reported a 41% decrease in Scope 1 GHG emissions intensity between 2021 and 2022, coupled with a 20% decrease in its overall energy intensity, resulting mainly from the expansion of the company’s gas-focus as a lower carbon fuel source. In 2022 the company also hit production milestone of 500,000 barrels of oil equivalent per day (boe/d) production, of which almost 70% is natural gas.
On social measures, Mubadala Energy maintains its world-class track record on safety performance, with a total of 6 safety-related awards being received in 2022 from regulatory and governmental bodies in areas of operations. The company also recorded zero Lost Time Injuries (LTI) in 2022, with a history of zero LTIs in its operated Ruby gas field in Indonesia since operations started in 2013, testament to an impressive safety record. In terms of diversity metrics, the company maintains above-industry performance on female participation, with around 31% of the total workforce represented by women. The company employs 35 nationalities and has placed a significant focus on investing in national talent as part of its commitment to the United Nations Sustainable Development Goals (UN SDGs).
Over AED 4 million was also invested by the company last year in community investment projects, impacting over 120,000 beneficiaries through a wide range of projects focused on education, environment, community development and employee engagement. In line with the UAE’s focus on mangroves as an important decarbonisation tool, in 2022, through its partnership with Azraq, the UAE based marine conservation NGO, the company planted mangrove trees in Al Zorah Natural Reserve in Ajman. These trees are expected to contribute towards the removal of 308,000kg of CO2 over their lifetime, which is estimated to be 25 years.
Mansoor Mohamed Al Hamed, CEO, Mubadala Energy, commented: “2022 was the year we set the business on a path to play an even more proactive role in the energy transition through our expanding gas portfolio, by exploring new energy sectors and by driving decarbonization across our operations. We were also able to deliver on several significant milestones, including first gas at our Pegaga gas field in Malaysia.”
He added, “In the UAE’s Year of Sustainability, and with the Emirates hosting the critical dialogues on climate as part of COP28 later this year, I am pleased that we are making significant progress on key environmental benchmarks, including the improvements we have recorded on our emissions intensity position. I am also proud that we continued to deliver operational excellence and uphold our impressive safety record, while investing in our people and the communities we serve. We are on an exciting journey as a business and sustainability is at heart of our plans for the future.”
Mubadala Energy’s 2022 Sustainability Report was prepared in accordance with Global Reporting Initiative (GRI) Standards and includes alignment with the recommendations of the Task Force on Climate Related Disclosures (TCFD) where applicable. The report discloses its impact in 2022 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.