Brisbane, Oct 11, 2021 AEST (ABN Newswire) - Senex Energy Limited (
ASX:SXY) (UDB:FRA) (VPTOF:OTCMKTS) has today announced the release of its Decarbonisation Action Plan that details its ambition to reduce greenhouse gas (GHG) emissions across its operational footprint to net zero by 2040, with transparent and bold near-term emissions intensity reduction targets.
Senex supports the objective of limiting the global temperature rise to well below two degrees Celsius and has defined its ambition, targets and actions over the short, medium and long term to reduce GHG emissions across the full value chain.
Managing Director and CEO Ian Davies said in a video statement that Senex is committed to supporting the global transition to a cleaner energy future and low-carbon economy.
"Natural gas is integral to meeting demand for reliable and affordable energy and we are focused on being the natural gas supplier of choice through the transition.
"We plan to expand our valuable natural gas business to deliver 60 PJe per year by year-end FY25 and, at the same time, materially reduce the carbon intensity of our operations and use our knowledge and technology to help our customers to do the same," Mr Davies said.
Senex has adopted the following targets and ambition to reduce Scope 1, Scope 2 and Scope 3 Processing GHG emissions that are within its direct influence:
30% FY25 TARGET
30% reduction in GHG emissions intensity vs FY21 baseline
75% FY30 TARGET
75% reduction in GHG emissions intensity vs FY21 baseline
NET ZERO 2040 AMBITION
Net zero operational GHG emissions using mitigation hierarchy
There are three pillars in Senex's clear and simple approach to decarbonisation, underpinned by practical and achievable actions:
1. Become the gas supplier of choice in the transition
- Electrification of all new processing facilities from renewable sources
- Reducing flaring: 70% by FY25 and 100% by FY30; reducing fugitive emissions
- Executive remuneration linked to performance against climate-related targets
2. Actively decarbonise our value chain
- Conduct a customer engagement program to identify and set customer-related Scope 3 GHG emission reduction targets in the next year
3. Invest in low-carbon growth
- Allocate at least 5% of annual EBITDA to low-carbon investments; review annually
- Appointed an EGM to deliver on Senex's decarbonisation ambition and targets
- Consider investment in credible Australian offsets for hard-to-abate emissions
Mr Davies said that efforts to decarbonise the global economy are likely to increase in urgency and that Senex was at the start of its journey.
"Decarbonising the energy system will require sustained and cooperative action across the entire energy sector.
"We are proud to be taking these first steps and are committed to reducing our emissions while meeting growing energy demand through increased low-carbon natural gas production.
"Our Decarbonisation Action Plan, including our ambition, targets and actions, will be regularly reviewed and we will reset our commitments accordingly.
"We will also report publicly and transparently on our progress," Mr Davies said.
Transparency and assurance
We are committed to transparency in relation to our Decarbonisation Action Plan through public disclosures and regular reviews.
In developing this Decarbonisation Action Plan Senex sought expert advice. Senex engaged a globally recognised, specialist climate advisory and investment firm in order to understand its emissions profile, to understand best practice decarbonisation targets and strategies, to build capability within Senex, and to ensure its plan is meaningful, practical, achievable, and fit for purpose.
Environmental Accountants, Greenbase Pty Ltd, were engaged to review and validate data and verify Senex's decarbonisation model (from which emissions calculations are derived). Greenbase concluded the decarbonisation model has been prepared with due care and, in its opinion, there were no material issues with the methodology, emission factors or emissions calculations.
EY was engaged to perform certain agreed upon procedures on the methodology and calculations applied to determine the emissions reduction pathway in this Decarbonisation Action Plan to 2030.
To view the de-carbonisation plan, please visit:
https://abnnewswire.net/lnk/H9088I10
About Senex Energy Limited
Senex Energy Ltd (ASX:SXY) (OTCMKTS:VPTOF) (FRA:UDB) is an established, rapidly growing and low-carbon Australian natural gas producer. Our long life Surat Basin assets contribute around 20 petajoules of natural gas per year into the east coast gas market to support our customers. Senex is focused on sustainably delivering balance sheet strength, resilient cashflows, growing dividends to support Australia's energy needs as it transitions to a lower carbon future.
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