Climate risks

We’re acutely aware of the risks of climate change and the energy transition challenge. Our industry has a critical role to play in this next chapter, providing energy security. Genel is poised to be part of a positive transition, with a portfolio designed to fit a future of fewer and better natural resource projects as a low-carbon intensity and high net margin business.

Our GHG Emissions Management Standard

Genel’s low-carbon intensity and high-margin approach are underwritten by our Greenhouse Gas (GHG) Emissions Management Standard, approved by the board in 2020 to manage and reduce our emissions.

GHG emissions profile

We’re enhancing our sustainability reporting and practices year-on-year and our 2022 emissions reporting boundaries are described below. Genel aims to provide a robust view of our GHG footprint that will allow us to minimise impact, and our procedure for emissions reporting can be viewed here.

Scope 1 and 2 emissions
Genel reports Scope 1 and 2 emissions on an equity share approach, which we consider to be the most transparent representation of emissions footprint. Total Scope 1 and 2 emissions in 2022 have been subject to assurance by an accredited third-party assurance provider and Genel’s 2022 assurance statement can be viewed here.

Scope 3 emissions
For 2022 we have conducted dual Scope 3 reporting, as we look to incrementally extend the boundary of our reported Scope 3 emissions. We have reported on an operational basis, as per previous years, and we have also reported an equity-based reporting for category 11 (sold products). The rationale for doing so is that category 11 represents the overwhelming contributor to Genel’s emissions footprint, and so by extending the reporting boundary for this category allows us to better represent Genel’s Scope 3 emissions.

Scope 1 emissions

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Scope 2 emissions

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Carbon intensity

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Total Scope 3 emissions

Scope 3 emissions, or indirect emissions from activities or assets not owned or controlled by Genel, have been accounted for since 2021.

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Category 11

We include the ‘use of sold products’ in this calculation (or category 11, which includes ‘the total expected lifetime emissions’). They represent over 93% of scope 3 emissions in 2021.

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