Pieridae Energy Limited
Climate Impact & Sustainability Data (2021, 2022)
Reporting Period: 2021
Environmental Metrics
Total Carbon Emissions:1,128,495 metric tonnes CO2e (Scope 1)
Scope 1 Emissions:1,128,495 metric tonnes CO2e
Scope 2 Emissions:173,449 metric tonnes CO2e
Total Energy Consumption:11,881,243 GJ
Water Consumption:1,239,562 m3 (freshwater withdrawn)
Carbon Intensity:0.0416 metric tonnes CO2e/boe (Scope 1 and 2)
ESG Focus Areas
- Governance
- Indigenous Relations
- Environment
- Social
Environmental Achievements
- Reduced overall Scope 1 GHG emissions by 5% through optimization of operations and integration of new technologies.
- Reduced overall GHG emissions intensity (Scope 1 and Scope 2) by 3% year-over-year.
- Invested $2.9 MM in asset retirement activities.
Social Achievements
- Community and Social Investment project funding of $125,000.
- Executed 34 ERP exercises and drills in 2021.
- Increased women in management and executive team from 17% to 27% from 2020 to 2021.
Governance Achievements
- Hired Director of ESG in 2022.
- Added two senior professional women to the Board in 2022, resulting in 37.5% female representation.
- Began review of Board mandates.
Climate Goals & Targets
Long-term Goals:
- Achieve net zero emissions (timeline not specified).
Medium-term Goals:
- Complete feasibility study for potential CCS at the Caroline site.
- Continued reduction in GHG emissions intensity compared to historical levels.
Short-term Goals:
- Complete the remainder of high-bleed to low-bleed fuel gas pneumatic device replacements (44% completed by end of 2021).
Environmental Challenges
- Economic challenges impacting the workforce.
- Need to further integrate ESG into daily operations.
- Need to further develop Indigenous engagement strategy.
Mitigation Strategies
- Renewed commitment to employee engagement, including focus on inclusion in strategic planning, transparent communications, career planning and training, and EDI activities.
- Ongoing Board-level work to optimize ESG throughout Board committees and their mandates.
- Development of a more formalized enterprise risk management framework including ESG issues.
- Hiring of a Director of ESG to dedicate resources to assessment and mitigation of ESG risks.
Supply Chain Management
Climate-Related Risks & Opportunities
Transition Risks
- Changes to government regulations (royalty rates, taxes, environmental and climate change regulation)
- Changes in commodity prices
- Changes in demand for or supply of Pieridae’s products
Opportunities
- Potential for CCS at Caroline site
- Opportunities presented by the energy transition
Reporting Standards
Frameworks Used: SASB (Sustainability Accounting Standards Board), TCFD (Task Force on Climate-related Financial Disclosures), GRI (Global Reporting Initiative)
UN Sustainable Development Goals
- SDG 1
- SDG 2
- SDG 3
- SDG 4
- SDG 5
- SDG 8
- SDG 9
- SDG 10
- SDG 13
- SDG 14
- SDG 15
- SDG 16
- SDG 17
Specific SDGs are flagged in each topic’s ‘Actions and Goals’ section.
Reporting Period: 2022
Environmental Metrics
ESG Focus Areas
- Net-zero emissions
- Health & Safety
- Social investment
- Indigenous community relations
- Board diversity
Environmental Achievements
- Committed to achieving net-zero emissions; conducting carbon capture feasibility work at Caroline gas complex
Social Achievements
- Social investment funding of $125,000 in 2021
- High level of engagement with Indigenous communities and business
Governance Achievements
- Women represent 37.5% of board membership
- Added a Director of ESG to Senior Leadership Team in 2022
Climate Goals & Targets
Long-term Goals:
- Net-zero emissions
Environmental Challenges
- Production downtime impacting revenue
- High facility maintenance costs related to outages
Mitigation Strategies
- Improve facility reliability
- Implement identified cost savings to increase netback
- Robust hedging program to mitigate lower prices
- Lower leverage to reduce risk
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Standards
Frameworks Used: SASB, TCFD, GRI