Climate Change and Environment
Since the inception, Pandion Energy has been committed to maintaining a low carbon footprint as demonstrated by carbon intensity levels per barrel which are amongst the lowest in both the Norwegian and global E&P industry ranging from 1.2 – 3.4kg CO2e/boe. From the energy used to power our assets down to the investment criteria for prospective opportunities, a focus on sustainability is at part the core of our business strategy
At Pandion Energy, we possess extensive technical and operational experience within our business and work closely with our partners to ensure that we’re continually embracing the newest technologies and techniques to minimise our environmental impacts. Despite our relative size and non-operator status, we work closely with the operators of our producing assets to push for progressive, emissions-related measures.
We are also committed to providing full transparency around our emissions reductions efforts and work collaboratively with industry peers and partners to share lessons learned and improve the collective ability of the industry to minimise our environmental footprint and be aligned with a carbon neutral world.
A carbon light strategy has always been an imperative for Pandion Energy. As the rest of the world starts to move closer to Norway’s leading position on carbon emission reduction, we will continue our work to minimise our footprint and support other players in the sector to do the same.
Our Carbon Light Strategy
Pandion’s Carbon Light strategy is devised of four key pillars:
- Work with industry to meet the GHG emissions targets set by the national regulators
- Commit to carbon net zero operations by offsetting absolute CO2e emissions
- Promote transparency and accountability
- Align investment criteria to maintain low carbon footprint
Download Pandion Energy’s full Net Zero Strategy statement.
In 2020, Pandion Energy was one of the first E&P companies on the Norwegian continental shelf to become carbon neutral for Scope 1 and 2 emissions.
Pandion Energy sees the use of offsets as part of an overall plan to reduce the carbon impact of its operations with the target to reduce the remaining balance of Scope 1 and 2 absolute emissions over time. To ensure the environmental integrity of offsets, the Company will going forward put emphasis on carbon removal offsets which are in-line with the Oxford Principles for Net Zero Aligned Carbon Offsetting.
Despite Pandion Energy’s carbon intensity level per barrel being amongst the lowest in the global E&P industry ranging from 1.2 – 3.4kg CO2e/boe (significantly lower than the global average of 19kg CO2e/boe), we remain committed to ongoing emissions reduction measures across our portfolio.
Pandion Energy has committed to maintaining a carbon light strategy and has aligned the company’s investment criteria with the ambition to maintain a low carbon footprint.
Pandion Energy supports the Task Force on Climate-related Financial Disclosures (“TCFD”) and aims to align disclosures with the recommendations set forth by TCFD from 2021.