07/15/2021 | Press release | Distributed by Public on 07/15/2021 01:07
Moscow, 15 July 2021. The Board of Directors of PAO NOVATEK ('NOVATEK' and/or the 'Company') approved NOVATEK's 2020 Sustainability Report (the 'Report') that provides insights into Company's non-financial performance to help a wide range of stakeholders learn more about NOVATEK's sustainable business principles and the Company's environmental, social and governance performance. NOVATEK is honored to release its 14th Sustainability Report that is available at http://www.novatek.ru/en/development/.
The COVID-19 pandemic clearly demonstrated the importance of social factors for business resilience and continuity, and the Report pays additional attention to NOVATEK's social performance with new occupational safety metrics both for the Company's employees and contractors, as well as provides full disclosure of measures implemented to reduce the pandemic's impact and the support provided to our regions of operations.
Focusing on NOVATEK's environmental management, the Report includes new enhanced metrics such as Scope 1 greenhouse gas emissions breakdown by source, methane emissions intensity and, for the first time, Scope 3 emissions from the use of Company's products. We also expanded NOVATEK's reporting on climate change management, risks and opportunities as well as broadened our cryological disclosure as part of geotechnical monitoring.
Our 2020 Sustainability Report is prepared in accordance with GRI Sustainability Reporting Standards and for the first time fully aligned with industry-leading recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) along with the Oil & Gas - Exploration and Production Industry Sustainability Accounting Standard (SASB).
The Report discloses the Company's progress towards achieving Environmental and Climate Change targets for the period up to 2030, adopted in August 2020, as well as an extended section on the UN Sustainable Development Goals prioritized by the Company with new internal performance targets.
'NOVATEK's participation in building a low-carbon future is consistent with the goals established by the Paris Climate Agreement and our sustainable development principles. We address climate actions on many fronts, including lowering our own carbon emissions and helping customers reduce their CO2 emissions by expanding lower-carbon products and providing cleaner energy,' noted NOVATEK's Deputy Chairman of the Management Board Mark Gyetvay. 'We firmly believe that our low-carbon strategy offers us a strong competitive advantage relative to our peers, as well as creates economic and societal value for all our stakeholders.'
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's natural gas production and approximately 15% of the world's gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol 'NVTK'.