emirates7 - Mubadala Energy, based in Abu Dhabi, announced significant advancements in its Environmental, Social, and Governance (ESG) initiatives, notably achieving a two-thirds reduction in Scope 1 and 2 greenhouse gas (GHG) emissions in 2022. The company’s 2023 sustainability report also highlights a nearly 50% reduction in energy consumption across its operated portfolio, signaling accelerated efforts to decarbonize operations.
As part of its energy transition strategy, Mubadala Energy increased its gas weighting from 66% in 2022 to 69% in 2023. Gas, being a less carbon-intensive fuel, plays a key role in sustainable energy transitions. The report also reflects progress in areas like Carbon Capture Utilization and Storage (CCUS) and geothermal energy, demonstrating Mubadala Energy’s transformation. The company reduced its Scope 1 and 2 emissions by 66%, bringing average emissions intensity down to 15.3 kgCO2e/boe.
Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, emphasized the company’s commitment to sustainability, noting major reductions in emissions and energy use, along with progress in social impact and governance. He also highlighted Mubadala Energy’s operational excellence and safety record, alongside its strategic growth in gas and recent discoveries in Indonesia, reinforcing its dedication to the energy transition.
Sumiyyah Mohammed, Vice President of Growth and New Energies, credited collaboration and partnerships for progress in new energy sectors like CCUS and geothermal. She emphasized the company’s focus on low-carbon solutions in regions where it operates.
The report also pointed out that no oil spills of over 1 barrel had been recorded since the company’s inception, and a 62% reduction in gas flaring was achieved in 2022. Mubadala Energy aims to plant 700,000 mangroves in the UAE by 2030.
In terms of social impact, the company maintained a zero total recordable injury rate (TRIR) and a lost-time injury rate (LTIR) across all operated assets. More than 24,000 beneficiaries were supported by CSR initiatives in 2023, with over 1 million people positively affected over the last decade. Female representation across the organization stands at 27%, exceeding the industry average.
On the governance front, no incidents of non-compliance with laws and regulations were recorded in 2023, and 72% of total spending was directed towards local suppliers. Independent members made up 43% of the Board of Directors.
The 2023 Sustainability Report was prepared following Global Reporting Initiative (GRI) Standards, with alignment to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The report examines Mubadala Energy’s impact in 2023 across various key performance indicators, addressing environmental, social, human capital, and governance contributions, and outlining the company’s role in achieving the UN Sustainable Development Goals.
As part of its energy transition strategy, Mubadala Energy increased its gas weighting from 66% in 2022 to 69% in 2023. Gas, being a less carbon-intensive fuel, plays a key role in sustainable energy transitions. The report also reflects progress in areas like Carbon Capture Utilization and Storage (CCUS) and geothermal energy, demonstrating Mubadala Energy’s transformation. The company reduced its Scope 1 and 2 emissions by 66%, bringing average emissions intensity down to 15.3 kgCO2e/boe.
Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, emphasized the company’s commitment to sustainability, noting major reductions in emissions and energy use, along with progress in social impact and governance. He also highlighted Mubadala Energy’s operational excellence and safety record, alongside its strategic growth in gas and recent discoveries in Indonesia, reinforcing its dedication to the energy transition.
Sumiyyah Mohammed, Vice President of Growth and New Energies, credited collaboration and partnerships for progress in new energy sectors like CCUS and geothermal. She emphasized the company’s focus on low-carbon solutions in regions where it operates.
The report also pointed out that no oil spills of over 1 barrel had been recorded since the company’s inception, and a 62% reduction in gas flaring was achieved in 2022. Mubadala Energy aims to plant 700,000 mangroves in the UAE by 2030.
In terms of social impact, the company maintained a zero total recordable injury rate (TRIR) and a lost-time injury rate (LTIR) across all operated assets. More than 24,000 beneficiaries were supported by CSR initiatives in 2023, with over 1 million people positively affected over the last decade. Female representation across the organization stands at 27%, exceeding the industry average.
On the governance front, no incidents of non-compliance with laws and regulations were recorded in 2023, and 72% of total spending was directed towards local suppliers. Independent members made up 43% of the Board of Directors.
The 2023 Sustainability Report was prepared following Global Reporting Initiative (GRI) Standards, with alignment to the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. The report examines Mubadala Energy’s impact in 2023 across various key performance indicators, addressing environmental, social, human capital, and governance contributions, and outlining the company’s role in achieving the UN Sustainable Development Goals.