At Harbour Energy, we are taking significant steps within our operations and wider business to reduce our emissions and align to Government targets of Net Zero carbon.
committed to Net Zero for Scope 1 and 2 emissions by 2035
progress against our target is measured on our corporate scorecard and impacts bonuses for management and all staff; our cost of borrowing is also tied to our emissions
measure, manage and minimise emissions: brownfield modifications; improve plant efficiency, minimise all venting and flaring
seek to offset an increasing proportion of residual emissions through offsetting
participate in initiatives to explore the opportunity for CO2 capture and storage. Today these include:
Acorn carbon capture and storage and hydrogen project, St Fergus
V Net Zero, Humberside, carbon capture infrastructure using Harbour Energy assets
We are aiming to improve plant operational efficiency - producing our hydrocarbons in the most environmentally sustainable way we can by:
optimising operating modes of our combustion equipment to match demand
upgrading our gas turbine filters to maintain thermal efficiency and reduce fuel consumption
minimising all venting and flaring
reducing power demand
exploring low or zero-carbon energy supply options to power our assets
Through innovation and adopting the best available technology, we are:
minimising methane emissions
working with industry to explore the potential for hydrogen production as well as carbon capture and storage (CCS) See Acorn project
Responsibility for climate change matters ultimately rests with our Board of Directors. Our Chief Executive Officer has executive responsibility for our Climate Change Policy and for assigning climate-related responsibilities to management positions.
Our Board is supported and informed on climate-related issues by a Climate Change Committee, an advisory sub-committee that reports to our Executive Committee on emerging climate change risks and opportunities. They also provide advice and recommendations on setting targets, key performance indicators and opportunities to collaborate with industry peers.
Our industry faces a broad range of climate-related risks. These include physical risks, such as extreme weather events or long-term sea level rises, as well as transitional risks, such as reputational, legal and technical risks.
We recognise the potential physical risks that climate change poses to our operations. As part of our management of these risks, we carry out detailed meteorological and oceanographic impact assessments for all new projects during the design phase. These incorporate projections of rising sea levels and more frequent unpredictable weather events. We also monitor the evolving ﬁscal and legislative response to climate change in our host countries and will adapt our future climate-change strategy accordingly.
As the world shifts from fossil-based systems to renewable energy sources, it is anticipated that a significant proportion of future global electricity demand will be met from renewable energy sources. But oil and gas will still have a vital role in ensuring a consistent delivery of energy to businesses and households. Oil is required as a feedstock for the petrochemical industry and for its production of a vast range of materials required for everyday use. Our aim is therefore to reduce our emissions and maintain affordable, reliable energy supplies.