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. The longer-term record is even worse. When the Gomeroi people refused to consent to the Narrabri Gas Project, Santos started legal proceedings. Offshore carbon credit schemes have similar low-quality attributes. Santos portfolio of decarbonisation and clean fuels projects continue to progress in line with Santos climate change targets and aims to enable sustainable growth by supporting emissions reduction for our customers. 18 th May 2023 CEO speech to APPEA Conference 2023. Its difficult to see how Santos will materially reduce emissions. Its Barossa gas project is the highest CO2 offshore gas field to be developed in Australia. (Reporting by Shashwat Awasthi in Bengaluru; editing by Uttaresh.V). Downloads. Consequently, some big companies such as Eni, Total and BP have adopted absolute measures to reduce their Scope 3 emissions. Despite targeting net-zero, Santoss total emissions grew by 53% over the year to June 2021 and by 94% over the past five years according to its 2022 Climate Change Report, which should raise significant concerns for investors considering its billion-dollar oil and gas expansion plans for 2022 alone. June 30, 2023, 6:00 a.m. Advancing our three CCS hub strategy across our core asset areas. Santos Climate Change Report 2021 CEO Statement Disclaimer: This report contains forward looking statements that are subject to risk factors associated with the oil and gas industry. The Climate Change Report features the following milestones for Santos journey to becoming Net Zero: * New 2030 targets of a 30% reduction in absolute emissions1, a 40% reduction in emissions intensity 1 and a Scope 3 target to reduce customer emissions by 1.5 million tonnes of CO2e per annum 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. * A final investment decision on the Moomba carbon capture and storage (CCS) project which is expected to store 1.7 million tonnes of carbon dioxide per annum, making it one of the worlds biggest CCS projects Santos Sustainability Report 2007 . SHOW MORE 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 . Id say theres a fairly significant number of Santos shareholders that are convinced its actions are genuine. Its planned Scope 1 and 2 emission 2030 targets would reduce total emissions by only about 4% of its 2020-2021 total emissions. Last year Santos bought the $4.7 billion Barossa gas field from ConocoPhillips. Funding of high emitting projects like Barossa is not assured anymore. 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 companys website www.santos.com. The Santos chief executive, Kevin Gallagher, travelled to Glasgow for the start of the international climate talks to stand alongside Australias emissions reduction minister, Angus Taylor, and confirm the companys investment in the project. Royal Dutch Shell Plc was ordered by a Dutch court last year to slash emissions more than twice as fast as originally planned. 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. According to Santos, these emissions known as scope 3 added another 24.3m tonnes of CO2e to the atmosphere in 2019-20. Sign up to receive an email with the top stories from Guardian Australia every morning. Did you know Santos has a target of net-zero equity Scope 1 & 2 emissions by 2040? The new Barossa gas project will increase emissions, not decrease them. Downloads 2022 Sustainability Report (6230KB) Download Latest news The vote on this resolution was advisory only and did not bind the Directors or the Company. View. 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. 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 Adaptation Planning for Santos, Brazil i Climate Change Adaptation Planning in Latin American and Caribbean Cities A report submitted by ICF GHK in association with King's College London and Grupo Laera Job Number : J40252837 Cover photo: East Santos as shown from Monte Serrat, October 2012. He has appeared as an expert witness before a number of government enquiries into energy issues. Tom Sanzillo, Abhishek Sinha, Suzanne Mattei Norways Sleipner and Snhvit CCS: Industry models or cautionary tales? Continuing to expand our portfolio of nature based-solutions and the development of new technologies, including direct air capture and post-combustion capture technology. ACCR argues reliance on CCS to achieve net zero is not credible as Santos has made a range of undisclosed qualifications and assumptions about CCS processes while also seeking to massively expand the extraction of fossil fuels over time. There is escalating pressure from stakeholders, regulators and civil societies on oil and gas companies to take their liability for Scope 3 emissions into account. According to an environmental report submitted to the South Australian government in March, Santos will look to capture CO2 currently being vented to the atmosphere from its existing gas plant at Moomba. future-focused value that we have chosen as the, theme for Santos 2022 Sustainability Report.. 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. New 2030 targets of a 30 per cent reduction in absolute emissions[1], a 40 per cent reduction in emissions intensity[1] and a Scope 3 target to reduce customer emissions by 1.5 million tonnes of CO2e per annum, 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, A Climate Transition Action Plan, including phased, value-accretive, Paris-aligned capital investment, A final investment decision on the Moomba carbon capture and storage (CCS) project which is expected to store 1.7 million tonnes of carbon dioxide per annum, making it one of the worlds biggest CCS projects, 100 million tonnes of CO2 storage capacity booked in South Australias Cooper Basin, one of the first such bookings in the world, Final investment decisions on new offshore greenfield projects from 2025 will require abatement or offset of reservoir CO2 emissions. This years Climate Change Report comes as countries around the world are finding that energy and fuel price stability and supply security risks, remain critical considerations on the journey to Net Zero. Just days before the 2007 federal election, the Coalition led by John Howard promised it would give Santos $10m to fast-track a Moomba Carbon Storage Concept if it was elected. Mar. While some companies have settled lawsuits for poor risk disclosure, the Federal Court this year overturned a ruling that Canberra has a duty of care to protect its youth from climate change, claiming it was an issue of high public policy and not one for courts. Santos's climate scorecard shows emissions climbed steeply, and understates the true position. Some of Santoss emission increases came with acquisitions or mergers in recent years. The plan reflects Santos carbon mitigation hierarchy which is avoidance first, followed by reduction and offsetting. 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. To learn more about Santos. The Santos Ltd. operations are seen in Moomba, South Australia. Its difficult to see how Santos will materially reduce emissions along the customers value chain. Sci., 16 April 2020 Sec. 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. 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. All rights reserved. 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. Santos's 2022 Climate Change Report has the stated aim of reducing emissions. Catch the top stories of the day on ANC's 'Top Story' (29 June 2023) Santos was contacted for comment but a spokesperson for the company said it would not be appropriate for Santos to comment on matters before the court. Compression emissions will probably offset any carbon captured at Bayu-Undan. The new Barossa gas project will increase emissions, not decrease them, and so is entirely inconsistent with Santoss 2022 Climate Change Reports stated aim of reducing emissions. Furthering studies that involve using CCS technology to accelerate the development of affordable clean fuels that support the growth of hydrogen, ammonia and synthetic fuels markets and supply chains in Australia and Asia. Canadas economy regained momentum in the second quarter, reinforcing the case for a July rate hike even as inflation slowed last month. The figure was obtained by calculations using disclosure documents from 10 of the largest 30 super funds to check their equity holdings for investments in 23 fossil fuel companies. The resolution asked shareholders whether the climate transition approach as described in Santos 2022 Climate Change Report was supported. Any possible abatement CCS is not contemplated until years after operations start. * Final investment decisions on new offshore greenfield projects from 2025 will require abatement or offset of reservoir CO2 emissions. By LNG/gas analyst Bruce Robertson and energy analyst Milad Mousavian. Further, Santos said on Tuesday the board did not support resolutions seeking to change its constitution at this years meeting and continues to recommend shareholders vote against resolutions demanding more climate-related disclosures. Even with carbon capture and storage, the Barossa project remains an emissions factory with LNG as a by-product. New gas fields are generally speaking higher emitting than older gas fields. We pursue our objectives and targets with reference to the UN Sustainable Development Goals, in particular Goal 7: Affordable and Clean Energy and Goal 13: Climate Action. The Climate Change Report features the following milestones for Santos' journey to becoming Net Zero: Copy and paste multiple symbols separated by spaces. Last year Santos announced our intention to provide shareholders with a non-binding advisory vote on the companys Climate Change Report at the 2022 Annual General Meeting. We will continue to publish an annual Climate Change Report including our progress towards our targets and action plan. Reliance on carbon capture, a technology with high failure rates despite its long history, is a fig leaf to disguise rising emissions. It is vitally important that new supply investment happens in a sustainable way. All rights reserved. Bruce Robertson has been an investment analyst, fund manager and professional investor for over 36 years. Our 2022 Climate Change Report sets out our climate transition strategy and jump to downloads. These include implementation of climate-related targets and policy positions, identification and management of risks and opportunities, and reporting on these topics to the Board directly and/or through the relevant Board Committees. Santos today released its 2021 Climate Change Report. We do this through our annual TCFD-aligned Climate Change Report. Most of the Barossa projects carbon dioxide (CO2) emissions will be from combustion, which cannot be captured. Santos on Wednesday released its 2022 Climate Change report, outlining its initiatives to achieve this target, including a commitment to only selling its products to customers from countries that . He has worked with Perpetual Trustees, UBS, Nippon Life Insurance and BT. 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. According to Santos, the other path to offsetting emissions is via purchasing carbon credits for residual carbon emissions that cant otherwise be abated. As the legal pressure mounts others are now calling on the finance sector to step up. Since the AGM, we have engaged extensively with our shareholders and have sought to address their concerns. 1 Climate Change Report Santos Climate Change Report 2021 CEO Statement Disclaimer: This report contains forward looking statements that are subject to risk factors associated with the oil and gas industry. the company has a target to double its production of fossil fuels, promised it would give Santos $10m to fast-track a, several fossil fuel industry leaders and supporters to the panel. Capturing, processing and transporting the CO2 will also use extra energy. Santoss real emissions are most probably understated by a considerable margin. The ACCR case, filed in Australias Federal Court, relates to a previous briefing and documents outlining company strategy. Hayes said she "accepted the science" of climate change and . When you Follow a company we: Even with carbon capture and storage, Santoss proposed high emitting Barossa project remains an emissions factory with an LNG by-product more waste than product. 2022 Institute for Energy Economics & Financial Analysis. 2020 Climate Change Report 20 th Feb 2020 . 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. The Climate Change Report features the following milestones for Santos' journey to becoming Net Zero: Electricity price rises hitting consumers key to focus on renewables, storage and system efficiency, Billions in oil and gas investments undermine Macquarie Group's climate commitment, Amandine Denis-Ryan, Saurabh Trivedi, Ungewisse und zgerliche Dekarbonisierungsstrategie der STEAG, STEAGs uncertain and slow decarbonisation strategy, Asia-Pacific lags global oil and gas industry in shift from carbon. The cheap, close to shore, low carbon dioxide (CO2) fields have already been developed. The Assurance Statement can be found on page 75 to 76 of Santos2023 Climate Change Report. Santos seeks to work with contractors and suppliers who are economically, environmentally and socially responsible. Santos, whose parents were subsistence farmers in Portugal, supported lifting some environmental regulations on American farmers. 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. Santos has said in the future it could store CO2 from other sources and third parties. Santos has a 66.7% share in the Moomba project, with the rest owned by Beach Energy. {{data.symbol | reutersRICLabelFormat:group.RICS}}, {{ stock | formatPrefix }}{{ stock.netChng | formatNetChange }}. Big oil and gas companies are in the spotlight at the moment, Dr Schuijers said. Investors in Santos should judge the company by its actions, not its aspirations. 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 . Biden blocks activist bid to slash oil output from federal lands, Green MP says Rosebank electrification via Shetland windfarm would reduce energy security, Windfall tax holds UK back in $65 billion M&A market, Rystad finds, Campaigners threaten legal action over unlawful Rosebank approval, Shell sustainability head exits after only two years, Angola makes its pitch: Flexibility is our middle name, New North Sea firm launched by former Spirit Energy and Faroe CEOs, Financing and fossil fuels in Africas energy transition, Libya tensions rise amid oil threats, drone strike. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. 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? 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. Dr Laura Schuijers, a senior research fellow with the University of Melbourne, said the direct challenge to Santos makes it one to watch following a string of recent climate change related litigations. * 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 Where relevant, continuing to implement sustainable development plans, underpinning work with communities to transition successfully to post-project environments. Canadian lawmakers are locked in a dispute with internet technology companies over a law that would compel them to pay news publishers for content, years after a similar regulatory saga played out in Australia. Agriculture is extremely vulnerable to climate change. The Report outlines Santos sustainability aspirations, targets and performance, as well as areas of ongoing focus. Court documents make two claims against the company; the first concerning statements Santos made in its 2020 annual report where it claimed natural gas is a clean fuel that provides clean energy. Purchasing its way out of emissions reduction is not a completely credible way forward for Santos. The new Barossa gas project will increase emissions, not decrease them. The information you requested is not available at this time, please check back again soon. All Rights Reserved. Results so far have been mixed. Every dollar spent on acquiring a competitor is a dollar. 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. Blue hydrogen is not emissions friendly, producing more emissions than just burning the gas, according to some recent scientific studies. holds the largest number of offshore exploration permits as an operator. 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. That gas will be compressed and transported through new or existing pipelines to suitable locations where it will be injected into target geological formations deep underground. Santos said it will continue to publish an annual Climate Change Report including our progress towards our targets and action plan. Australian oil giant is being accused of trying to greenwash their operations to appeal to investors. 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. Any company pursuing fossil fuel expansion doesnt deserve any support from Australian super funds, van der Pol said. In June this year, the project was given a $15m grant from a $50m federal government program to support CCS. Global Change and the Future Ocean Volume 7 - 2020 | https://doi.org/10.3389/fmars.2020.00232 This article is part of the Research Topic Ecological Applications of Earth System Models and Regional Climate Models View all 14 Articles Santos is also looking to blue hydrogen hydrogen produced with gas and carbon capture and storage to reduce emissions. The ACCR case, filed in Australia's Federal Court, relates to a previous briefing and documents outlining company strategy. CO2 capture processes post-combustion are not currently economically feasible onshore, let alone offshore, anywhere in the world. The traditional owners hope a novel interpretation of native title laws could see them win. 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. The practical example of Santoss latest large-scale development project shows how the company will expand emissions. These symbols will be available throughout the site during your session. Reporting our progress on addressing the climate challenge Since 2018, Santos has published annual climate change reports that align with the recommendations of the G20's Task Force on Climate-related Financial Disclosures (TCFD). 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 Barossa is emblematic of the problems Santos faces. (Bloomberg) -- Activists mounting one of the worlds first legal challenges over corporate greenwashing have expanded a case against gas producer Santos Ltd., raising fresh allegations about the companys climate plans. In 2009, Santos put the project on hold but by 2018 it was carrying out engineering studies, modelling and looking for potential sites for CO2 injection. This includes: Further delivery of energy efficiency projects such as increased integration of renewables and batteries into our power mix, deploying new technologies such as LoHeat, installing advanced process control technologies to reduce fuel consumption and capturing and recovering gas that is currently flared or vented. Join us and your talent, skills and ideas will have a direct impact on results as we thrive and improve together. Bruce Robertson has been an investment analyst, fund manager and professional investor for over 36 years. Santos is spending between US$1.15 billion and US$1.3 billion on major growth projects in 2022 comprising mostly oil and gas expansions. But Santos had said the projects future hinged on CCS being accredited by the governments emissions reduction fund, meaning they could generate carbon credits that could be sold to the government or private industry. Allegations against Santos before the ethics committee include violation of conflict-of-interest laws, sexual misconduct towards someone seeking employment in his congressional office, illegal . The gas field will extract LNG and CO2 from under the Timor Sea, 300 kilometres north of Darwin. 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. * A Climate Transition Action Plan, including phased, value-accretive, Paris-aligned capital investment Adelaide-based Santos has pledged to reduce scope 1 and 2 pollution by 30% by 2030, and to zero out those emissions by 2040, according to a March climate change report. Santos was asked by shareholders last month to publish yearly climate reports and annually disclose how its capital expenditure would be managed in a way that was consistent with the Paris Agreement. The table below outlines the key concerns raised by shareholders and the steps taken to address these concerns, or otherwise explain our rationale, in response to those concerns. Carbon capture has proven to be technically difficult to implement, saving only fractions of the emissions initially promised. Ernst & Young has provided assurance over disclosures in relation to the TCFD, recommendations presented in this report, including the reasonableness of disclosures made in regarding scenario analysis. is the operator of exploration projects worth A$1.3 billion collectively; representing 25% of the total exploration expenditure in Australian waters to be spent until 2027 by all companies. Activists are increasingly trying to hold large polluters to account in an attempt to mitigate the worst impacts of planetary warming. Do Not Sell My Personal Information (CA Residents Only). Santos Managing Director and Chief Executive Officer Kevin Gallagher said he was delighted to present the 2022 Sustainability Report. ET. In particular, working with both the Australian and Timor-Leste Governments to progress the development of the Bayu-Undan CCS project that entered front end engineering design in March 2022. This is Santos sixth Climate Change Report referencing these disclosure recommendations. Energy Voice 2023. Higher temperatures eventually reduce yields of desirable crops while encouraging weed and pest proliferation. The Board has established the Environment, Health, Safety and Sustainability Committee (EHSS Committee) to support the Board in overseeing Santos Climate Change Policy, climate-related targets and performance. 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. "By 2030 it will no longer snow in the Sierra Nevada of Santa Marta. There is no reason to suggest that this report will contain any new information, nor does the . Emily Macinnes. Investors in Santos should judge the company by its actions, not its aspirations. Over the past five years, Santoss total emissions have risen by 94%, again a figure that is not readily ascertainable from the report. Written by 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. Santos today released its 2020 Climate Change Report. Climate Change Report 2023 28th Feb 2023 jump to downloads Santos has today released its Climate Change Report 2023. Australias Emission Reduction Fund has allowed the creation of Australian Carbon Credit Units (ACCUs) that have highly questionable efficacy. Accurate information about the steps companies plan to take to curb emissions is crucial, Zoe Bush, a senior solicitor at the Environmental Defenders Office, which is acting for the ACCR, said in the statement. IEEFA | Institute for Energy Economics and Financial Analysis Further, Santos said on Tuesday the board did not support resolutions seeking to change its constitution at this year's meeting and continues to recommend shareholders vote against resolutions demanding more climate-related disclosures. Santoss 2022 Climate Change Report makes many claims about reducing emissions, yet its emissions rose by 53% in 2020-21. 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. Wed like to see the flight of capital from these companies turn from a solid trickle to a raging torrent., NSW bushfire survivors win legal battle ordering EPA to take action on climate crisis, Original reporting and incisive analysis, direct from the Guardian every morning, 2023 Guardian News & Media Limited or its affiliated companies. Reuters->. 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). Santos' 2022 Climate Change Report describes how management plans to align capital allocation decisions with their Climate Transition Action Plan, including projected capital investment initiatives consistent with Paris-aligned pathways.13 BIS maintains that a company's executive leadership and the board are best In October, the government made CCS eligible for carbon credits and the Moomba project has now become the first project to be registered.
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santos climate change report
