View. The company has pushed back on these calls, saying it already publishes a climate change report consistent with guidelines of the G20 task force on climate-related financial disclosures. Sci., 16 April 2020 Sec. As we continue to evolve our business to lead through the energy transition, we are committed to providing shareholders with transparent information about our strategy, climate transition initiatives, emissions, and performance on an annual basis. Santos has a target of reducing Scope 3 emissions by 1.5 million tonnes per year, representing only about 4% of its Scope 3 emissions in 2020-2021. March 16 (Reuters) - Australian gas producer Santos Ltd STO.AX said on Tuesday it would let shareholders cast a non-binding advisory vote on its climate change report at its annual general meeting next year. In June this year, the project was given a $15m grant from a $50m federal government program to support CCS. 2022 Institute for Energy Economics & Financial Analysis. The proposed CCS project at Bayu-Undan is 800km from the gas field. Faster electric car rollout in Bangladesh demands policy support, Recent decision leaves ExxonMobil responsible for only part of Guyana oil spill costs, leaving Guyanese people on the hook for the rest. Reuters, the news and media division of Thomson Reuters, is the worlds largest international multimedia news provider reaching more than one billion people every day. The new Barossa gas project will increase emissions, not decrease them. Investors in Santos should judge the company by its actions, not its aspirations. Management, under the leadership of the Chief Executive Officer, is responsible for delivering the strategic direction and goals approved by the Board. Santos shareholders get vote on climate change report | The Australian The ACCR case, filed in Australia's Federal Court, relates to a previous briefing and documents outlining company strategy. "By 2030 it will no longer snow in the Sierra Nevada of Santa Marta. Details gleaned through the legal discovery process, which gave the ACCR access to additional internal Santos documents, have raised fresh questions about companys pledges to use carbon capture technology and the blending of natural gas with hydrogen to achieve climate targets, the groups Executive Director Brynn OBrien said in a statement. A track record of action on climate change, Achieved our 2025 emission reduction targets, Moomba Carbon Capture and Storage project 40% complete, Over $125 million invested on Climate Transition Action Plan initiatives, Construction of Direct Air Capture unit commenced in preparation for trials at Moomba in 2023. Santos promises a bright future with blue hydrogen (produced from natural gas using carbon capture and storage), neglecting to mention that at current gas prices blue hydrogen is wholly uneconomic and its production results in higher emissions than just burning the gas. Santos has a target to cut these emissions by 26% by 2030 and to reach net zero by 2040, but this aim excludes emissions from burning the fossil fuels the company sells to customers. Santos justifies its expansion projects by stating it will reduce emissions with carbon capture technologies. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. 2023, Nasdaq, Inc. All Rights Reserved. Canadas latest economic data numbers show the country has a decent chance of seeing another interest rate hike next month, followed by a lengthy pause, according to one industry analyst. The Climate Change Report features the following milestones for Santos' journey to becoming Net Zero: The first project registered for the governments CCS carbon credits program is also claimed to be one of the worlds biggest. By LNG/gas analyst Bruce Robertson and energy analyst Milad Mousavian. 20 March 2023. Funding of high emitting projects like Barossa is not assured anymore. Details that are misleading could leave investors vulnerable to major losses and potentially unfairly skew the market away from companies that are acting responsibly, she said. The case is being closely watched as a major test of greenwashing -- dubious claims made by companies or institutions over their planned climate actions or environmental responsibility. He has worked with Perpetual Trustees, UBS, Nippon Life Insurance and BT. Capturing, processing and transporting the CO2 will also use extra energy. Santos (ASX:STO) today released its 2022 Climate Change Report which sets out the Australian companys latest climate transition strategy and action plan to become a net-zero emissions energy and fuels business by 2040. It is vitally important that new supply investment happens in a sustainable way. Proper policy support will drive green hydrogen proliferation in India, The heat of the moment: Indias shifting patterns of power use, Australia needs 1.5C aligned national energy pathways, Amandine Denis-Ryan, Jay Gordon, Building LNG terminal close to rocket launches could prove costly, Choosing the right incentive for Pakistans renewable energy industry, Rio Grande LNG project could raise U.S. gas pricesand add to a looming global glut, Middle Arm Gas and Petrochemicals Hub: Combination of problems makes it unprofitable for business and a red flag to the public. When you Follow a company we: Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. A person reading the Climate Change Report would have trouble finding this number as its buried in a table on page 54 of the report. At current gas prices it not competitive with hydrogen produced with renewable electricity, labelled green hydrogen. Out of six mountains, the only ice cap which may survive the coming 20 years is that of the Cocuy mountain range in northeastern Colombia. Santos Climate Change Report 2019 5 Santos' five core, long-life natural gas assets are economically resilient through different scenarios consistent with global efforts to reduce greenhouse gas emissions. He has worked with Perpetual Trustees, UBS, Nippon Life Insurance and BT. Overall, Santoss considerable capital expenditure budget in 2022 between US$1.15 billion and US$1.3 billion, will mostly be spent on oil and gas expansion projects including the new gas project at Barossa offshore Australia. Australias emissions from land clearing likely far higher than claimed, analysis indicates, Australia considering more than 100 fossil fuel projects that could produce 5% of global industrial emissions, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. Australian oil giant is being accused of trying to greenwash their operations to appeal to investors. Consequently, some big companies such as Eni, Total and BP have adopted absolute measures to reduce their Scope 3 emissions. IEEFA Update: Santos wont solve the problem of Barossa LNG with carbon capture and storage, Santos racked up nearly $7bn in unconventional gas and LNG losses in 5 years, Australia needs 1.5C aligned national energy pathways, Amandine Denis-Ryan, Jay Gordon, Choosing the right incentive for Pakistans renewable energy industry, Cleaning up the last pile of Indias power sector non-performing assets, Middle Arm Gas and Petrochemicals Hub: Combination of problems makes it unprofitable for business and a red flag to the public. All rights reserved. Santos said in a statement to the ASX it had published its first climate change report, "consistent with the guidelines of the G20 Taskforce on Climate-related Financial Disclosures (TCFD) in . Apr 19, 2022 - 3.49pm Share Santos' board has secured the backing of major proxy adviser CGI Glass Lewis against shareholder resolutions put forward by activist investor groups wanting more. ET. About 800km north of Adelaide in the middle of the South Australia desert, an oil and gas company is working on a high-profile project to capture and store carbon dioxide. Santos 2022 Climate Change Report -A Reality Check The Scorecard Shows Emissions Climbed Steeply, and Understates the True Position Executive Summary Santos's 2022 Climate Change Report makes many claims about reducing emissions, yet its emissions rose by 53% in 2020-21. Downloads Climate Change Report 2023 (11303KB) Download Latest news To learn more about Santos 18th May 2023 CEO speech to APPEA Conference 2023 View 3rd May 2023 2023 Macquarie Australia Conference View CO2 capture processes post-combustion are not currently economically feasible onshore, let alone offshore. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Higher temperatures eventually reduce yields of desirable crops while encouraging weed and pest proliferation. According to Santos, the other path to offsetting emissions is via purchasing carbon credits for residual carbon emissions that cant otherwise be abated. According to Santos' latest climate change report, the company emitted 5m tonnes of CO2-equivalent in the financial year 2019-20 when all its direct and indirect energy use was added up. Debate: Hayes, Santos miles apart on guns, schools, climate change - CTPost While the oil and gas industry, as a whole, releases 42% of global emissions, the International Energy Agency has stated that methane emissions from the energy sector are 70% higher than official figures. pic.twitter.com/RWykkUAk7M. But the climate impact of those scope 3 emissions will continue to grow because the company has a target to double its production of fossil fuels between 2018 and 2025. ACCR argues this is a misrepresentation as the extraction of natural gas involves the release of significant quantities of carbon dioxide and methane into the atmosphere. Last year Santos bought the $4.7 billion Barossa gas field from ConocoPhillips. The Assurance Statement can be found on page 75 to 76 of Santos2023 Climate Change Report. It is this future-focused value that we have chosen as the theme for Santos 2022 Sustainability Report.. 2022 Institute for Energy Economics & Financial Analysis. The plan reflects Santos carbon mitigation hierarchy which is avoidance first, followed by reduction and offsetting. Climate Change Report 2021 | Santos A model of the project was on display at the governments pavilion during the first days of the Cop26 climate talks. There is no reason to suggest that this report will contain any new information, nor does the . ExxonMobils Shute Creek Carbon Capture Utilization and Storage (CCUS) plant in the U.S. and Chevrons Gorgon CCS plant in Western Australia are two of the biggest carbon capture projects in the world and both have seriously underperformed their targets. The resolution asked shareholders whether the climate transition approach as described in Santos 2022 Climate Change Report was supported. Santos's climate scorecard shows emissions climbed steeply, and understates the true position. Can this $220m project led by Santos really live up to the hype and will it store enough CO2 to make a difference? People dont want to invest in companies that are potentially seen to be a liability.. Those proposals relied heavily on carbon capture technology that remains unproven and overstated the potential to curb emissions by mixing hydrogen into the natural gas network, the ACCR alleges. Join us and your talent, skills and ideas will have a direct impact on results as we thrive and improve together. (Reporting by Shashwat Awasthi in Bengaluru; editing by Uttaresh.V). Howard lost the election to Kevin Rudd. PDF Climate Change Report - Santos Dan Goucher, ACCRs Director of Climate and Environment, said the litigation was important to challenge oil and gas companies where it appears they are trying to greenwash their operations. jump to downloads. Santoss stated rapidly increasing emissions is sobering, particularly when you consider the systemic under-reporting of emissions globally by the oil and gas industry. We dont believe they are genuine, Gocher said. Extrapolated across the entire sector, it was estimated $5bn had been pulled from oil companies since 2018 a figure Wil van der Pol from Market Forces said was a good start but needed to happen faster. Santos Managing Director and Chief Executive Officer Kevin Gallagher said Santos is well positioned to decarbonise its natural gas business and generate new revenue streams through carbon solutions such as carbon capture and storage utilising existing infrastructure and depleted natural gas reservoirs, providing a platform to develop clean fuels such as hydrogen as customer demand evolves over time. Australia is the most litigious nation after the US as activists try to force change in the major fossil fuels producer, widely regarded as a laggard on climate issues. The gas field will extract LNG and CO2 from under the Timor Sea, 300 kilometres north of Darwin. Santos does not disclose its emissions up front in its Chairs message or its Chief Executive Officers introduction, a somewhat glaring omission for an annual climate report. PDF IEEFA | Institute for Energy Economics and Financial Analysis These traditional owners hope a novel climate change argument will stop In early 2021, the government installed several fossil fuel industry leaders and supporters to the panel that would decide if CCS should be added to the ERF. Copy and paste multiple symbols separated by spaces. Catch the top stories of the day on ANC's 'Top Story' (29 June 2023) March 16 (Reuters) - Australian gas producer Santos Ltd STO.AX said on Tuesday it would let shareholders cast a non-binding advisory vote on its climate change report at its annual general meeting . Santos to give shareholders a vote on climate report - Upstream Since 2018, Santos has published annual climate change reports that align with the recommendations of the G20s Task Force on Climate-related Financial Disclosures (TCFD). Its claimed to be one of the worlds biggest carbon capture projects and lauded by the federal government, but what is actually going on at Moomba? Or browse one of our major research areas below, Santoss Emissions Over the Past Five Years, Some of Santoss emission increases came with acquisitions or mergers in recent years. Santos said it will continue to publish an annual Climate Change Report including our progress towards our targets and action plan. ExxonMobil sold the CO2 it captured to oil and gas companies to get more oil out of the ground thereby increasing oil and gas production, not reducing emissions, and Gorgon underperformed its targets for the first five years by more than 50% and is now facing payments of up to hundreds of millions of dollars in carbon credits to make up for the shortfall. * A commitment to only selling our products to customers from countries that have a net-zero commitment or that are signatories to the Paris Agreement Producing more emissions is not emissions reduction. With natural gas playing a central role in decarbonising energy markets and balancing renewable energy, more investment is needed to ensure supply can keep pace with demand and to diversify supply sources. Companies like Santos, which are publicly listed, subject to ESG scrutiny by their investors and which report transparently on carbon emissions and their climate transition plans, are best placed to supply critical fuels such as oil and gas more sustainably, striving for lower emissions intensity and better environmental outcomes. Santos has historically grown its emissions at a rapid rate. Emily Macinnes. Gocher said that both institutional investors and retail investors implicitly trust statements made by companies in their corporate documents and that it was important these are truthful. The move comes at a time when companies are under pressure to reduce emissions and increase transparency on their response to climate change amid calls for a swift shift towards clean energy. Since the AGM, we have engaged extensively with our shareholders and have sought to address their concerns. Santos reaffirms climate targets - miningweekly.com Santos unveils new climate strategy - News for the Energy Sector The latest 2023 Climate Change Report outlines Santos climate transition strategy and action plan as we work to become a net-zero emissions energy and fuels business by 2040, in step with the goal of the UN Paris Agreement on climate change. PDF Vote Bulletin: Santos Limited - BlackRock New gas fields are generally speaking higher emitting than older gas fields. Santos CEO Kevin Gallagher with a model of the Moomba CCS plant at the Australia pavilion at COP26 in Glasgow. Santos is also looking to blue hydrogen hydrogen produced with gas and carbon capture and storage to reduce emissions. The ACCR case, filed in Australias Federal Court, relates to a previous briefing and documents outlining company strategy. "What we would do as kids, we'd get up and play in the summertime . The longer-term record is even worse. Day 2, COP26, where the star attraction of the Australia pavilion was a model of Santos Moomba CCS hub project, which was given the green light yesterday, with the help of the Australian taxpayer. The Guardian asked Santos how this would affect the overall emissions reductions from injecting the CO2, but the company did not respond before publishing. See link below. Thu 26 Aug 2021 03.59 EDT Last modified on Thu 26 Aug 2021 04.16 EDT A shareholder activist group is taking Australian oil company Santos to court over its claims it produces "clean fuel" and. The new Barossa gas project will increase emissions, not decrease them. Carbon capture has proven to be technically difficult to implement, saving only fractions of the emissions initially promised. Andrea Santos on LinkedIn: IPCC Report & Climate Action in 2022 At Santos, our Values are central to all that we do, from ensuring our operations are always safe, acting with integrity and building a better future. Mr Gallagher said. There is systemic under-reporting of emissions globally and Santos is no exception. IPCC | Climate Change 2023: Synthesis Report. The Santos Ltd. operations are seen in Moomba, South Australia. These symbols will be available throughout the site during your session. The 2022 Sustainability Report is part of Santos' suite of environment, social and governance (ESG) reporting, which includes the Climate Change Report, Annual Report, Modern Slavery Statement and Corporate Governance Statement, all available on the company's website www.santos.com. IEEFA: Santos 2022 Climate Change Report A Reality Check, IEEFA: Carbon Capture to Serve Enhanced Oil Recovery: Overpromise and Underperformance, IEEFA: Santos Proposed New Darwin Harbour Pipeline for Barossa Gas Potentially Enabling a CCS Scheme Remains Problematic. Results so far have been mixed. March 16 (Reuters) - Australian gas producer Santos Ltd said on Tuesday it would let shareholders cast a non-binding advisory vote on its climate change report at its annual general meeting next year. Climate Change Report 2023 | Santos The decision sharply curtails a policy that has long been a pillar of American higher education. PDF ASX / Media Release - Santos The Guardian asked Santos if pumping CO2 into its reservoirs would push out extra oil or gas and, if it did, what the company would do with those fossil fuels. June 30, 2023, 6:00 a.m. Create your Watchlist to save your favorite quotes on Nasdaq.com. Divesting assets and driving investment in new supply to less transparent producers will not reduce global emissions or advance the transition to Net Zero, noted Santos chief executive Kevin Gallagher. Climate change | Santos The second part of the lawsuit takes aim at statements by Santos that it had a clear and credible plan to achieve net zero emissions by 2040 by relying on carbon capture and storage (CCS). Its difficult to see how Santos will materially reduce emissions. Santos has an Executive Vice President, Environment, Sustainability and Governance, who reports to the Chief Executive Officer and has accountability for oversight of climate targets and climate-related matters across Santos, including setting standards within our management system, monitoring and auditing performance across the business, maintaining an enterprise risk register, and internal and external reporting.
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