To achieve sustained commercial success, it is essential for Petrofac to have a strong commitment to corporate responsibility (CR).
As the world shifts to cleaner and more diverse sources of energy, we remain acutely aware of the need to operate sustainably in everything we do. We also believe we have an important role to play in supporting our clients through the transition.
Meanwhile, we are proud of our long-standing commitment to the UN Global Compact and continue to support its corporate governance principles on human rights, labour practices, environmental protection and work against corruption.
We make a determined effort to understand the issues most important to our stakeholders, including clients, investors, suppliers, NGOs, government representatives, employees and industry associations.
In 2019, we extended our online survey to include several of our peers and joint venture partners. We also conducted meetings and calls with a selection of key audiences, including investors, clients and industry associations.
Based on this process, we identified our top material issues, which guide our CR programmes and inform this year’s reporting. We also continued to report in accordance with the Global Reporting Initiative (GRI) G4 (core) guidelines.
In 2019, we focused on our role in the global energy transition, and began work on a comprehensive sustainability strategy shaped around our Environmental, Social & Governance (ESG) material issues.
Our approach is in line with the aims of the UN Sustainable Development Goals, and our lower carbon ambitions are consistent with the climate goals of the Paris Agreement to reduce greenhouse gas emissions.
We appointed a new Head of Sustainability and have expanded the role of our Group Director of Communications, to also include Sustainability, a key role which now has a position on our Executive Committee. We have also established a Sustainability Committee, comprised of senior leaders from across the Group and chaired by our Chief Financial Officer, which will guide the development of our sustainability strategy, policy and targets.
Working alongside our Sustainability Committee, a dedicated Energy Transition Team is charged with identifying related business opportunities for the Group. We see significant potential to build, maintain and operate a new generation of renewable energy infrastructure.
As we enter 2020, our priority will be to finalise our sustainability strategy for Board approval and to roll-out and embed the supporting programmes and initiatives. A key part of this will be encouraging employee involvement by engaging Petrofac’s brightest minds to help work on our biggest challenges. We have launched a ‘Future Think Tank’ initiative, to foster new idea generation and differentiated thinking on the implementation of our strategy and our role in advancing the energy transition.
We recognise issues such as climate change, energy consumption, increasing environmental regulation, and resource scarcity will increasingly impact on our operations.
We therefore want to ensure sustainability is fully integrated into the business and remains core to our strategy for long-term value creation. Our strong belief is that we have the right skills and experience to support our clients to meet the world’s evolving energy needs, safely and sustainably.
We are committed to working in an environmentally responsible way