Beach Energy has released its first Climate Transition Action Plan (CTAP), outlining the important role the company is set to play as a provider of critical energy products as the world addresses the challenge of limiting global warming.
Over the past five years, Beach has worked to set emissions reduction targets and invest in emissions abatement projects.
“Beach is committed to playing its part in supporting a just transition, where the challenges of climate change are met with solutions which consider equitable access to affordable and secure energy,” Beach managing director and chief executive officer Brett Woods said.
“Our CTAP is about demonstrating that we are not only ready for the changing energy landscape, but that we will play an important role in the decarbonisation of energy systems.”
Beach’s CTAP outlines the progress made to date and the decarbonisation goals which have been set to align with the intent of the Paris Agreement, including a new target of <0.2 per cent methane emissions intensity by 2025, a 35 per cent equity emissions intensity reduction by 2030 as well as a net zero scope 1 and 2 ambition by 2050.
The CTAP also outlines the pursuit of executive remuneration linked to CTAP targets, a scope 3 emissions reporting, annual climate change risk assessment as well as an external assurance of emissions reduction initiatives and progress towards targets.
Natural gas is recognised as a required component of Australia’s energy future.
Beach is an important provider of natural gas and is well placed to assist with the move away from coal as the adoption of renewable energy sources accelerates.
“We look forward to keeping our shareholders and communities informed of how we are delivering on what we have stated in this CTAP”, Woods said.
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