SANTOS yesterday released its climate change report for 2019, the same day it released its full year 2018 financial report, and put its case for a low carbon future with a focus on gas and a goal of becoming completely emissions free by 2050. This is the company’s second climate change report.
The company's vision is to be Australia's leading onshore gas company by 2025 and grow its gas portfolio "safely and sustainably, in partnership with communities," and in tandem play a leading role in the reducing global emissions.
Santos said its strategy is economically resilient under all of the International Energy Agency's Energy Technology Perspectives 2017 scenarios.
"Our climate change policy fits with both our vision to be Australia's leading onshore natural gas company by 2050, and with our purpose to provide sustainable returns for shareholders by supplying reliable, affordable, clean natural gas to improve the lives of people in Australia and Asia," Santos managing director and CEO Kevin Gallagher said.
The report outlines the company's three medium-term carbon targets, which it expects will be achieved by 2025, centring on the role of gas in reducing emissions.
"The three targets look to reduce emissions from our operated activities and work on step-change technologies with the potential to provide significant carbon offset opportunities."
Target one is the ‘Reduction of global emissions through LNG export growth' and will see the company grow LNG gas exports to at least 4.5 million tonnes per annum by 2025 to "contribute to the growing demand for clean gas" and will displace the equivalent of 15% of Australia's total cumulative coal emission reduction target over the next five years.
The company said that overall, Australian LNG exports could reduce global emissions by up to 300 million tonnes of carbon dioxide per year three times that of Australia's annual emission reduction target under the Paris Agreement.
Target two will be to economically reduce emissions from the company's base operations by more than 5% across existing sites in the Cooper Basin and Queensland.
This equates to approximately 400,000 tonnes of carbon dioxide emissions per annum.
Source: Energy News Bulletin
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