Mubadala Energy Achieves Key ESG Milestones In Its 2024 Sustainability Report

Mubadala Energy, based in Abu Dhabi, has made significant strides in its Environmental, Social, and Governance (ESG) initiatives. The company reported a 36.5% reduction in Scope 1 and 2 greenhouse gas emissions. This achievement was highlighted in their 2024 Sustainability Report, which also noted advancements in health, safety, and community investments while maintaining high governance standards.

The report revealed a substantial drop in emissions intensity from 15.57 to 6.95 tonnes CO₂e per kboe, marking a 55% decrease compared to the previous year. This was achieved through decarbonisation efforts and enhanced production efficiency. Additionally, there was a 12.8% reduction in flared gas across their operations.

In terms of environmental efforts, Mubadala Energy recycled 56% of its total waste due to improved waste management practices. The company also introduced its first carbon pricing policy to aid its decarbonisation strategy and decision-making processes.

Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, stated: "In a dynamic global energy environment, the role of reliable and responsible energy partners has never been more important for all stakeholders. We have continued to place sustainability and ESG at the heart of how we operate, and I am proud of the trust and collaboration our partners have shown us as a result."

The social aspect of the report highlighted zero fatalities since the company's inception, showcasing a strong HSSE culture. The company invested in employee development with an average of 64 training hours per employee. Diversity remains crucial with representation from 32 nationalities and above-average female participation in the workforce.

The theme for this year's report is ‘People, Energy, Impact’. It emphasises Mubadala Energy's dedication to producing reliable energy with lower carbon emissions to address energy security needs while supporting energy transition goals.

Governance Achievements and Reporting Standards

On governance, Mubadala Energy maintained an impressive record with no data breaches for six consecutive years. They established an ESG Committee to set clear KPIs for decarbonisation and emissions while integrating all sustainability aspects through senior leadership.

The company's 2024 Sustainability Report aligns with Global Reporting Initiative (GRI) Standards and partially with IFRS S2 Climate-related Disclosures standard. This alignment aims to enhance reporting according to emerging global standards.

Mubadala Energy's report outlines its impact on several key performance indicators related to operational impact, environmental contributions, social involvement, human capital development, and governance practices. It also details the company's efforts towards achieving key UN Sustainable Development Goals.

As Mubadala Energy embarks on further growth phases, prioritising these ESG factors remains essential for their ongoing success.

With inputs from WAM