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Mubadala Energy, the Abu Dhabi headquartered international energy company, has today 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.
In addition to the reduction in overall GHG emissions, Mubadala Energy also 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 was a result of decarbonisation initiatives and improved production efficiency. The company also reported a 12.8 percent decrease in flared gas across the portfolio.
Commenting on this year’s report, Mansoor Mohamed Al Hamed, Managing Director and CEO, Mubadala Energy, said, “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.
“This year’s theme, ‘People, Energy, Impact’, underscores our commitment to produce reliable, lower carbon energy to address energy security priorities and support the energy transition. It also highlights that we continue to put people and social impact at the heart of how we do business. We’ve maintained our top-quartile HSSE record and continue to invest in employees’ wellbeing. And with over 1 million individuals benefiting from our community investment projects to date, our focus on people extends to the communities we operate in. As we embark on a new chapter of growth at Mubadala Energy, prioritising these ESG factors will be critical to our success.”
As well as strong momentum on emissions reduction and intensity, on Environmental factors, Mubadala Energy recycled 56% of total waste, underpinned by enhanced waste management practices. The company also developed and launched its first carbon pricing policy to support its decarbonisation strategy and decision-making frameworks.
On the Social pillar, further highlights from the 2024 report included zero fatalities since the company’s inception, reflecting a diligent and proactive HSSE culture, as well as a continued investment in people development with an average of 64 hours training per employee. Diversity continued to be an important factor for the company with 32 nationalities represented and above industry average female representation in the workforce.
Across Governance, Mubadala Energy continued to uphold an impressive track record with no data breaches for the sixth consecutive year, and important developments such as the establishment of a dedicated ESG Committee, designed to set clear KPIs for decarbonisation and emissions while bringing together 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 discloses its impact in 2024 examining several key performance indicators across areas such as operational and environmental impact, social contribution, human capital, and governance. The review also provides a detailed appraisal of the company’s contribution to achieving the key UN Sustainable Development Goals.