Climate Change Data

Energean plc

Climate Impact & Sustainability Data (2023)

Reporting Period: 2023

Environmental Metrics

Scope 1 Emissions:428,252.80 tCO2e (2023)
Scope 2 Emissions:824.14 tCO2e (market-based, 2023)
Scope 3 Emissions:22.63 MtCO2e (equity share, 2023)
Renewable Energy Share:100% of electricity purchased in operated sites (2023)
Water Consumption:119,089 m3 (2023)
Waste Generated:804 tons (2023)
Carbon Intensity:9.26 kgCO2e/boe (2023)

ESG Focus Areas

  • Climate Change
  • Health and Safety
  • Human Rights
  • Diversity, Equity, and Inclusion
  • Community Relations
  • Business Ethics
  • Regulatory Compliance
  • Data Security
  • Supply Chain Sustainability

Environmental Achievements

  • Reduced carbon emission intensity by 86% compared to 2019 (from 66.8 to 9.3 kg CO2/boe)
  • Zero routine flaring at all operated sites
  • 99% water recycled and reused in 2023
  • Zero oil spills and environmental damage
  • Prinos CO2 Storage project awarded "Project of Common Interest" status by the EU Commission and €150m in funding

Social Achievements

  • Zero work-related illnesses and serious injuries in 2023
  • 8,294 HSE training hours provided to employees and contractors
  • 95% of Energean operated sites and premises are certified to ISO 45001
  • Zero incidents of human rights violations at work
  • 65% of senior management hired from local communities
  • Increased focus on diversity, equity, and inclusion; 15% diversity at senior management level
  • Awarded "Platinum" ranking in Israel’s Maala index for CSR practices
  • Certified as a Great Place to Work in Greece, Israel, and Egypt

Governance Achievements

  • Zero Code of Ethics violations
  • Zero incidents of corruption or bribery
  • Zero political contributions
  • Implementation of a new integrated issues and crisis management digital program
  • Updated internal whistleblowing system in compliance with the EU Directive on whistleblower protection

Climate Goals & Targets

Long-term Goals:
  • Achieve Net Zero across entire operations by 2050
Medium-term Goals:
  • Reduce emissions intensity to 4-6 kgCO2e/boe by 2035
  • Operate first Carbon Storage site in Prinos field
  • Invest in nature-based solution projects
Short-term Goals:
  • Reduce carbon emissions intensity to 8.5-9.5 kgCO2e/boe by 2024
  • Continue implementing LDAR programs to reduce methane emissions
  • Evaluate opportunities to invest in natural-based solutions (NBS) projects

Environmental Challenges

  • Climate change risks (physical and transition)
  • Supply chain disruptions due to geopolitical instability (e.g., conflict in Israel)
Mitigation Strategies
  • Developed a comprehensive Net Zero strategy (short, medium, and long-term plans)
  • Implemented robust risk management practices, including scenario analysis aligned with TCFD recommendations
  • Diverted helicopters to Cyprus for safe crew changes during the conflict in Israel
  • Implemented various measures to support employees during the conflict in Israel (hardship payments, alternative living solutions, etc.)

Supply Chain Management

Supplier Audits: Annual evaluation of major business partners; HSE questionnaires for suppliers and contractors

Responsible Procurement
  • Focus on goods with satisfactory environmental profile
  • Selection of suppliers with strong HSE performance
  • Local procurement initiatives

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
Transition Risks
  • Regulatory changes
  • Market shifts
  • Carbon pricing
Opportunities
  • Development of energy-efficient products
  • Carbon capture and storage
  • Eco-hydrogen technologies

Reporting Standards

Frameworks Used: GRI 2021 Standards, SASB Oil and Gas E&P Standard, TCFD Recommendations, UNGC Principles

Certifications: ISO 14001, ISO 45001

Third-party Assurance: Ernst & Young (EY) Greece

UN Sustainable Development Goals

  • Goal 7 (Affordable and clean energy)
  • Goal 8 (Decent work and economic growth)
  • Goal 9 (Industry, innovation, and infrastructure)
  • Goal 10 (Reduced inequalities)
  • Goal 11 (Sustainable cities and communities)
  • Goal 12 (Responsible consumption and production)
  • Goal 13 (Climate action)
  • Goal 15 (Life on land)
  • Goal 17 (Partnerships for the goals)

Energean's initiatives contribute to these SDGs through various programs and actions detailed in the report.

Sustainable Products & Innovation

  • Eco-hydrogen technologies

Awards & Recognition

  • Inclusion in "The Most Sustainable Companies in Greece 2023"
  • Platinum ranking in Israel’s Maala ESG index
  • MSCI AAA ESG rating
  • CDP A- rating