Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate change
• Environmental sustainability
• Supply chain sustainability
• Human rights
• Diversity and inclusion

Environmental Achievements

• Switched to renewable electricity and green gas suppliers
• Reduced transportation footprint through electric car and cycle to work schemes and videoconferencing
• Reduced energy consumption through low energy LED lighting and waste recycling
• Developed own portfolio of net zero assets

Social Achievements

• Established an ESG committee and appointed an ESG expert to the Non-Executive Directors’ team
• Provides support for health, safety and wellbeing through Employee Assistance Programmes, private medical insurance, bereavement support, and gym memberships
• Supports equality, inclusion and diversity through a Group’s Equality, Inclusion and Diversity Policy
• Invests in people’s professional development and training through annual performance appraisals and Personal Development Plans
• Participates in various fundraising events supporting charities such as Freedom4Girls, Save the Children, Red Nose Day, and the Disasters Emergency Committee’s Ukraine humanitarian appeal
• Staff volunteered for MapAction

Governance Achievements

• Joined the United Nations’ Race to Zero campaign, pledging to become carbon neutral by 2030
• Established an ESG Committee chaired by an ESG and mining operations specialist

Climate Goals & Targets

Environmental Challenges

• Energy transition and climate change impacting petroleum exploration and low carbon energy returns
• Oil price volatility affecting petroleum customer capital budgets
• Hydrogen market development potentially slower than investment in facilities
• High electricity prices impacting hydrogen economics
• Importance of stakeholder engagement to understand Group's value

Mitigation Strategies

• Diversifying into focused low carbon markets, adapting products/services, and taking equity positions in low carbon assets
• Pursuing robust contract structures, maintaining cost base flexibility, and diversifying into other energy markets
• Rigorous project review process for capital investments, well-defined commercial hurdles, and portfolio approach
• Co-locating hydrogen hubs with low-cost power sources and targeting margin-based hydrogen sales agreements
• Expanded investment in communication, transparent information, and regular meetings with stakeholders

Supply Chain Management

Climate-Related Risks & Opportunities

Transition Risks

• Energy transition and climate change impacting petroleum exploration and low carbon energy returns

Opportunities

• Diversifying into focused low carbon markets

Reporting Standards

Frameworks Used: UNGC

Sustainable Products & Innovation

• Globe
• Maptium
• Heat Seeker

Environmental Metrics

ESG Focus Areas

• Carbon neutrality
• Community engagement
• Employee well-being
• Diversity and inclusion

Environmental Achievements

• Implemented initiatives to minimise environmental footprint: enhanced energy efficiency, increased green commuting, switched to renewable electricity and green gas suppliers

Social Achievements

• 92% employee retention rate (2021: 95%); supported Freedom4Girls, a charity fighting period poverty; raised £300 for a local foodbank; supported DEC’s Earthquake Appeal in Turkey and Syria

Governance Achievements

• Adopted principles of the Quoted Companies Alliance (QCA) Corporate Governance Code; established ESG, Audit, Remuneration, and Nomination Committees

Climate Goals & Targets

Environmental Challenges

• Energy transition and climate change impacting petroleum exploration; uncertain financial returns from low-carbon energy sources; declining commodity prices; slower-than-expected hydrogen market development; insufficient stakeholder engagement; talent acquisition and retention; data security; revenue visibility; liquidity and cash flow risk; cost inflation; securing funding for H2 Green

Mitigation Strategies

• Diversifying portfolio to address climate issues; maximizing value from petroleum products sustainably; pursuing contract structures resilient to oil price fluctuations; maintaining cost base flexibility; diversifying into other markets; rigorous project review process for H2 Green investments; investing in communication and stakeholder engagement; competitive compensation packages and benefits; fostering appealing company culture; periodic audits of disaster recovery processes; investing in IT security; strategically growing recurring revenues; monitoring cash flow forecasts; careful budgeting; tight control over expenditures; thorough budgeting process; monitoring and evaluating costs; decision review process for capital expenditure; diversified funding strategy for H2 Green; engaging with policy developments

Supply Chain Management

Climate-Related Risks & Opportunities

Transition Risks

• Energy transition and climate change impacting petroleum exploration; uncertain financial returns from low-carbon energy sources

Opportunities

• Diversifying portfolio to address climate issues; maximizing value from petroleum products sustainably

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Sustainable Products & Innovation

• Sedimentary-hosted copper solution; enhanced geothermal screening solution; comprehensive approach to industrial decarbonisation; improved methodology for locating and monitoring subsurface sites for carbon storage

Environmental Metrics

ESG Focus Areas

• Carbon neutrality
• Employee well-being
• Equality, inclusion, and diversity
• Community engagement
• Sustainable energy solutions

Environmental Achievements

• Implemented initiatives to minimize environmental footprint: enhanced energy efficiency, increased green commuting, continued use of renewable electricity and green gas suppliers.
• Expanded product portfolio with solutions for natural hydrogen and sedimentary-hosted lithium exploration.

Social Achievements

• Regular health and safety training, mental health and well-being assistance program, enhanced flexible working arrangements, financial advice, life, private medical and business travel insurance, bereavement support, discounts on gym memberships and physiotherapy.
• Cycle to Work Scheme, Electric Vehicle Salary Sacrifice Scheme.
• Supported DEC’s Earthquake Appeal and MapAction.

Governance Achievements

• Adopted the principles of the Quoted Companies Alliance (“QCA”) Corporate Governance Code for Small and Mid-Size Quoted Companies 2018.

Climate Goals & Targets

Environmental Challenges

• Reduced revenue from core customers and delays to customer projects due to factors outside of Getech's control.
• Slow development of the green hydrogen market.
• Talent acquisition and retention in a competitive job market.
• Data security risks.
• Liquidity and cash flow risk due to volatile working capital cycle.
• Cost inflation.

Mitigation Strategies

• Cost base reduction of c. £2 million per annum.
• Rigorous project review process for capital investments in green hydrogen, seeking funding partners or exiting projects.
• Stimulating work environment, competitive remuneration package and benefits, share option scheme.
• Periodic audits of disaster recovery processes and controls, appropriate data licence agreements, investment in IT security.
• Careful budgeting, tight control over expenditures, monitoring cash flow forecasts.
• Thorough budgeting process, monitoring and evaluation of costs.

Supply Chain Management

Climate-Related Risks & Opportunities

Transition Risks

• Shift away from fossil fuels
• Uncertainty in returns from low-carbon energy sources

Opportunities

• Solutions to address climate issues
• Maximising value from petroleum products sustainably
• Natural hydrogen exploration

Reporting Standards

Frameworks Used: QCA Corporate Governance Code

Sustainable Products & Innovation

• Solutions for natural hydrogen and sedimentary-hosted lithium exploration