Sustainability Roadmap

O.G. Energy recognizes the societal need to address climate change.

Climate change is a key focus

We believe a variety of energy sources are going to be required to meet increasing global demand and needed energy security. The challenge is to meet these needs in an approach that aligns with not only the United Nations Sustainable Development Goals but also achieves the Paris Agreement commitments.

As a non-operator, we will work proactively with the operator of our JVs to ensure emissions reduction is implemented via deployment of best practices, policy, governance, innovation and engineering.

Step by step…

Achieved to date:

Established a net zero ambition and next steps
Founding investment in renewables energy project: TES (https://tes-h2.com) a green hydrogen energy hub
Engaged Beach Energy as operator of the Otway Gas Project to improve emissions reporting and sustainability tracking initiatives
Conducted scenario testing for carbon pricing impact to guide our investment decisions and to assess viability of energy projects
Undertaken pre-feasibility study for Otway Carbon Capture and Storage; with further evaluation to follow

Next steps:

Implement regular emissions tracking with our JV operators and ensure adequate monitoring and progression of sustainability initiatives at our projects
Establish a Governance, Risk, and Sustainability Committee to review commercial, operational risks and ensure climate change risks are addressed and understood within our business
Aim to achieve 30% emissions intensity reduction by 2030, from baseline FY23 levels of emissions
Evaluate new investments in renewables and clean energy, and pursue carbon capture and sequestration where viable

Longer term:

Endeavor to be carbon neutral by 2050 through a portfolio of renewable and conventional energy investments, including sequestration and carbon offsets

Achieving carbon neutrality

O.G. Energy will endeavour to achieve a carbon neutral position by 2050 portfolio of renewable and conventional energy investments, including sequestration and carbon offsets. We believe conventional energy has a role to play in energy security and that climate impact can be mitigated to achieve net zero.

Why both renewable and conventional?

Affordable and reliable energy is important to raise living standards and eradicate poverty. Today 770 million people live without access to electricity. COVID-19 crisis put an end to several years of progress and worsened the already low energy purchasing power of households in developing countries.¹ To achieve the UN Sustainable Development Goal 7 of full electricity access we will need both conventional and renewable forms of energy.

¹ Source: IEA Report on SDG7: Access to electricity