IGas Energy plc
Climate Impact & Sustainability Data (2022)
Reporting Period: 2022
Environmental Metrics
Total Carbon Emissions:48.7 kg CO2eq/boe
Scope 1 Emissions:47.62 kg CO2eq/boe
Scope 2 Emissions:0.33 kg CO2eq/boe
Total Energy Consumption:13,068 MWh
Carbon Intensity:48.7 kg CO2eq/boe
ESG Focus Areas
- Health & Safety
- Environment
- Climate Change
- Community Engagement
- Diversity & Inclusion
- Responsible Sourcing
- Geothermal Energy Development
Environmental Achievements
- Maintained ISO 14001 certification.
- Replaced energy-hungry jet pumps with more efficient beam pumps at Bletchingley and Folly Farm.
- Submitted application to the Green Heat Network Fund (GHNF) for Stoke-on-Trent geothermal project.
- Submitted tenders for geothermal heat systems to five NHS trusts.
Social Achievements
- IGas Community Fund awarded £25,000 to support 17 community projects.
- Annual pay and benefit reviews conducted.
- Annual performance reviews conducted.
- Ongoing training and development provided.
- Town hall meetings and individual engagement with employees.
Governance Achievements
- Continued adoption and compliance with the Quoted Companies Alliance Corporate Governance Code (QCA Code).
- Board changes to improve efficiency and strategic planning.
- Annual anti-corruption, bribery, modern slavery, unconscious bias and equality and diversity training for employees.
Climate Goals & Targets
Long-term Goals:
- Transition to a lower carbon future through the expansion of its geothermal business.
Medium-term Goals:
- Maximise value of oil and gas assets to facilitate a “just transition” to renewable energy.
- Grow geothermal heat business.
Short-term Goals:
- Achieve net production of c.2,000 boepd in 2023.
- Financial close for the Stoke-on-Trent geothermal project and move into execution phase.
Environmental Challenges
- Equipment failure in the first half of 2022 due to supply chain issues and staffing constraints.
- Increased operating costs driven by higher energy costs and general price increases on equipment.
- Reimposition of the moratorium on hydraulic fracturing for shale gas.
- COVID-19 related delays in geothermal project development.
Mitigation Strategies
- Initiated a production drive in October 2022 to increase production and uptime.
- Introduced a production dashboard to track performance.
- Bulk ordering of critical items to mitigate supply chain disruptions.
- Focus on maintaining and increasing production on more profitable fields while driving down costs.
- Fully impaired remaining shale assets.
- Applied for grant funding from the Green Heat Network Fund (GHNF) and Public Sector Decarbonisation Scheme.
Supply Chain Management
Responsible Procurement
- Requesting copies of suppliers' green, ethical and environmental policies.
Climate-Related Risks & Opportunities
Physical Risks
- Climate change impacting profitability of hydrocarbon production.
Transition Risks
- Changes in laws, regulations, policies, obligations and social attitudes relating to the transition to a lower carbon economy.
Opportunities
- Development of geothermal energy business.
Reporting Standards
Frameworks Used: Greenhouse Gas Protocol, UN Global Compact
Certifications: ISO 9001, ISO 14001
UN Sustainable Development Goals
- Decent Work and Economic Growth
The talents, skills and values of the people that work for IGas enable it to fulfil its purpose, achieve strategic goals and manage principal risks.
Sustainable Products & Innovation
- Geothermal heat systems