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01/13/2021 | Press release | Distributed by Public on 01/13/2021 10:22

Qatar Petroleum launches landmark Sustainability Strategy - a turning point in the way it operates

Qatar Petroleum launched its new Sustainability Strategy, which illustrates its commitment and sense of responsibility as a major energy producer, and sets a roadmap for a sustainable and more prosperous future for Qatar and the world.

The new Strategy establishes a number of targets in alignment with the goals of the Paris Agreement, and sets in motion a plan to reduce greenhouse gas emissions by 2030. It stipulates deploying dedicated Carbon Capture and Storage (CCS) facilities to capture more than 7 million tons per annum of CO2 in Qatar.

The Strategy also acts as a clear direction towards reducing the emissions intensity of Qatar's LNG facilities by 25% and of its upstream facilities by at least 15%, and reducing flare intensity across upstream facilities by more than 75%. Furthermore, it sets out a target to eliminate routine flaring by 2030, and limit fugitive methane emissions along the gas value chain by setting a methane intensity target of 0.2% across all facilities by 2025.

Commenting on this occasion, His Excellency the Minister of State for Energy Affairs, the President and CEO of Qatar Petroleum, Mr. Saad Sherida Al-Kaabi said, "Qatar Petroleum's Sustainability Strategy is a bold commitment with clear goals and milestones that ensure we embed sustainability considerations into the way we plan and manage our entire business and operations."

His Excellency Minister Al-Kaabi, added, "This Strategy is an important step on the road to achieve our vision of becoming one of the best National Oil and Gas Companies in the world, with roots in Qatar and a strong international presence. It will shape our actions and the way we operate over the next decade."

In highlighting Qatar Petroleum's climate action, H.E. Minister Al-Kaabi said, "Our climate change mitigation plans are consistent with the goals of the Paris Agreement, and provide valuable support to global ambitions to achieve net zero emissions."

"Qatar is the world's largest LNG producer and, by implementing our Sustainability Strategy, we will play a decisive role in helping reduce the impact of climate change by implementing measures to curb emissions, produce LNG using the latest proven carbon reduction technologies, and compensating for residual emissions where necessary," H.E. Minister Al-Kaabi concluded.

The Strategy is underpinned by Qatar National Vision 2030 and the United Nations' Sustainable Development Goals, and bridges the effort to reduce planet-warming emissions while ensuring clean and affordable energy supplies. It stipulates adding more than 4GW of electric power from carbon-free renewable energy to its portfolio in Qatar that would eliminate more than 5 million tons of CO2 emissions per year.

Anchored on three main pillars: Climate Change Mitigation, Operational Responsibility, and Social and Economic Development, Qatar Petroleum's Sustainability Strategy is designed to meet the economic, environmental and social challenges in an increasingly competitive and complex energy landscape.

The Strategy reaffirms Qatar Petroleum's commitment to achieving a world-class safety culture that ensures a secure, safe and healthy environment for our employees, stakeholders, partners, contractors, and the communities in which we operate. In addition, Qatar Petroleum is placing significant attention on improving its environmental footprint and enhancing the resilience of biodiversity in Qatar, and the enhancement of local habitats to improve the quality of life.

The Strategy also places emphasis on Qatar Petroleum's determination to continue providing access to reliable and affordable energy, while creating significant shared economic value by developing and diversifying local economies. It does so through various initiatives, such as investments in education and technical training in local communities and the flagship "Tawteen" program, a strategic initiative to create and enable local business opportunities in Qatar's energy sector supply chain with a focus on the development of local Small and Medium Enterprises. Dedicated efforts will continue to develop Qatar Petroleum's national human element into a world-class talent pool offering new opportunities for the workforce of today and tomorrow.

For a copy of Qatar Petroleum's Sustainability report, please visit our website:www.qp.com.qa