Abu dhabi: Mubadala Energy, the Abu Dhabi headquartered international energy company, has announced tangible progress across key Environmental Social and Governance (ESG) drivers, including a 36.5 percent reduction in Scope 1 and 2 greenhouse gas (GHG) emissions. Publishing the findings of its 2024 Sustainability Report, the company also noted progress across social factors such as health and safety and community investment, while upholding its world-class track record on governance.
According to Emirates News Agency, in addition to the reduction in overall GHG emissions, Mubadala Energy recorded a notable decrease in emissions intensity, dropping from 15.57 to 6.95 tonnes CO2e per kboe – a 55 percent fall year-on-year. This improvement resulted from decarbonisation initiatives and improved production efficiency. The company also reported a 12.8 percent decrease in flared gas across its portfolio.
Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, commented on this year’s report, stating the importance of reliable and responsible energy partners in a dynamic global energy environment. He emphasized the company’s commitment to sustainability and ESG, highlighting the trust and collaboration from partners. The theme “People, Energy, Impact” underscores their dedication to producing reliable, lower carbon energy, addressing energy security priorities, and supporting the energy transition. The company has maintained a top-quartile HSSE record and continues to invest in employees’ wellbeing, with over 1 million individuals benefiting from community investment projects.
On the Environmental front, Mubadala Energy recycled 56% of total waste, supported by enhanced waste management practices. The company also developed and launched its first carbon pricing policy to aid its decarbonisation strategy and decision-making frameworks.
The Social pillar highlights included zero fatalities since the company’s inception, showcasing a strong HSSE culture, and continued investment in people development with an average of 64 hours training per employee. Diversity remains key, with 32 nationalities represented and above industry average female representation in the workforce.
In terms of Governance, Mubadala Energy maintained an impressive track record with no data breaches for six consecutive years. The establishment of a dedicated ESG Committee aims to set clear KPIs for decarbonisation and emissions, integrating all aspects of sustainability through senior leadership.
Mubadala Energy’s 2024 Sustainability Report was prepared in accordance with Global Reporting Initiative (GRI) Standards and is partially aligned with the IFRS S2 Climate-related Disclosures standard, as the company works towards strengthening its reporting in line with emerging global standards. The report details impact in 2024, examining key performance indicators across operational and environmental impact, social contribution, human capital, and governance. It also appraises the company’s contribution to achieving the key UN Sustainable Development Goals.