Neptune Energy scoops top-tier ESG rating
Neptune Energy has ranked in the top 3% of oil and gas companies on the basis of its environmental, social and governance objectives, securing a 23.2 score from independent ESG rating provider Sustainalytics, Neptune said on April 20.
Sustainalytics says Neptune's ESG disclosure procedures follow "best practice" and signal "strong accountability" to its investors. A key indicator was that it had formed a committee to oversee ESG concerns that arise across its operations.
"The company's overall management of material ESG issues is strong," Sustainalytics said.
Neptune's ESG strategy sets out energy transition targets it believes will line up with the UN's Sustainable Goals. The key target is a commitment to CO2 storage surpassing operational and customer carbon emissions by 2030, with the launch of two CCS projects in the Dutch and UK sectors of the North Sea.
A 5mn mt/yr CCS project in the Netherlands is due to reach a final investment decision in 2023, with launch due three years later. Neptune also hopes to electrify its Norwegian production assets to reduce their carbon intensity, and says its existing record is better than the industry average.