Neptune Energy has again been awarded Gold Standard status by the United Nation’s Environmental Programme (UNEP) in recognition of its plans to curb emissions.
The private equity-backed gas producer intends to reduce its methane emissions to net zero by the end of this decade.
The Gold Standard was awarded by the Oil and Gas Methane Partnership 2.0 – a voluntary initiative launched by the UNEP – and listed as part of the UN’s most recent International Methane Emissions Observatory (IMEO) report published this week.
The report provides detailed global emissions data which helps inform action plans to tackle methane levels, and to track progress against commitments made by companies and governments.
To get the top recognition, companies need to outline a credible and clear path to reduce methane emissions by 45% or more and to report their progress annually – an award Neptune first secured last year.
Neptune Energy’s director of global HSEQ, Simon Taylor, said: “We already have one of the lowest methane intensities in the oil and gas sector at 0.02%, compared with the industry average of 0.20%, and we’re on track to achieve our target of net zero methane emissions by 2030.
“The gold award recognises the clear plans we’ve put in place to cut methane emissions from our operations and our commitment to transparent reporting. That includes employing the latest technologies to detect and reduce methane emissions, eliminating routine flaring and upgrading equipment at our sites.”
It follows another gold rating for ESG performance secured earlier this year, and the group’s admission to the Aiming for Zero Methane Emissions Initiative, a project run and developed by the Oil and Gas Climate Initiative (OGCI).
Moreover, Neptune has outlined ambitions to go “beyond net zero” and store more carbon than it emits from its operations and the products it sells by 2030.
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