We recognise the potential risks represented by climate change as global energy transitions to a less carbon-intense economy. These include issues such as the potential for future restriction of funding, shareholder position and stranded assets. We also recognise that balancing the need for energy and reducing greenhouse gas (GHG) emissions will require efficient use of energy and the full utilisation of both conventional and innovative sources of energy into the foreseeable future.
Our approach to climate change includes:
- measuring and reporting GHG emissions;
- considering climate change risks and opportunities in all projects and investment decisions;
- promoting efficient energy use;
- engaging with stakeholders; and
- contributing to local programmes that address the potential impacts of climate change.
We continue to monitor and assess developments in relation to climate change. This includes the position taken by investors and peer companies to benchmark our approach. This is placed in context of the growing demand for affordable energy in both developed and developing areas of operation.
As part of our risk management process, we monitor strategic developments in our countries of interest, including country commitments to international agreements. We also consider potential for stranded assets, access to finance and local adaption implications. From an operational perspective, emission control restrictions include legislation, permits and market-based instruments such as emissions trading. These issues are placed in the context of local societal benefits (e.g. inward investment or replacement of higher carbon-intensity fuel sources such as coal) and factored into the delivery of any development.