PETROFAC SETS NEW TARGETS TO MEET UK’s NET ZERO GOAL

August 14, 2020

UK’s Petrofac announced two important environmental and gender diversity targets to advance its broader sustainability agenda. Sustainability is at the core of Petrofac’s strategy and critical to creating long-term value for all stakeholders. The Company’s purpose is focused on enabling clients to meet the world’s evolving energy needs, and to work collectively with industry to achieve a more sustainable, inclusive and diverse energy sector.
Group Chief Executive Ayman Asfari said:
“Our vision is to be the preferred services partner to the energy industry, trusted to deliver to high quality and standards. Our sustainability agenda is key to this aspiration and the environmental and diversity targets we are announcing today represent a significant step forward.
“Our Net Zero target supports the principles of the Paris Agreement, the UK government’s Net Zero goal, and is aligned with our clients’ own ambitions as the sector moves to a net zero future. Our gender diversity target will help develop more women leaders for Petrofac and our industry, and builds on our work of increasing female representation at both Board and junior levels.
“Sustainability is at the core of our strategy, underpinning best-in-class delivery, future growth and enhanced returns. It allows us to help clients decarbonise their activities as well as our own; promote safe, local delivery and ethical value chains underpinned by rigorous compliance and governance; and build a diverse workforce that helps address the sector’s skills gap.”
“We aim to reduce our Scope 1 and 2 emissions to Net Zero by 2030, and work to influence our supply chain to set their own reduction targets. Our Net Zero Strategy of ‘Reduce, Transform, Enable’ will focus the business on three areas:

• Reduce – cut our emissions by implementing energy efficiencies and low carbon strategies on sites and operations, optimising our operations and methods of construction and advancing flare and venting reduction and carbon abatement plans.
• Transform – adopt new technologies such as phasing in hybrid and electric vehicles on site, decarbonising our heating and cooling systems by switching to renewable electricity where available and fitting smart building technology in our offices to maximise energy efficiency.
• Enable – support our clients, partners and suppliers in their lower carbon ambitions, enable flexible and agile working practices, continue to embed emission reductions targets in management scorecards and incentivise our staff to be advocates for Net Zero.”
(Source: Petrofac)