Reducing greenhouse gas (GHG) emissions has become a critical priority for companies across industries due to the urgent need to combat climate change and its far-reaching impacts. The overwhelming scientific consensus is that burning fossil fuels is driving global warming by increasing GHGs in the atmosphere. This warming leads to rising sea levels, more frequent extreme weather events, and widespread environmental degradation. To mitigate risks, businesses are vital in cutting emissions. Reducing GHGs is a moral and ecological imperative and a strategic business decision.

Recently, Mubadala Energy, the oil and gas unit of Abu Dhabi’s Mubadala Investment Company, announced substantial progress in its environmental, social, and governance (ESG) initiatives, with the company’s 2023 sustainability report highlighting a two-third reduction in scope 1 and 2 greenhouse gas (GHG) emissions and a near-halving of energy consumption across its operated portfolio.

Aligned with its commitment to supporting the energy transition, Mubadala Energy increased its gas weighting to 69% in 2023, emphasizing gas’s role as a less carbon-intensive fuel. The enterprise has also made strides in new energy sectors, including geothermal and carbon capture utilization and storage (CCUS).

The report noted that no spills over 1 barrel have occurred in the company’s operated assets since inception. Flared gas within the operated assets was reduced by 62% compared to 2022.

Mansoor Mohamed Al Hamed, Managing Director and CEO of Mubadala Energy, said, “We’re proud to have made a significant reduction in both emissions and energy consumption. We continue to deliver operational excellence and uphold our impressive safety record, while investing in our people and the communities we serve.”

Mubadala Energy’s 2023 Sustainability Report was prepared in accordance with Global Reporting Initiative (GRI) Standards. The report discloses its impact in 2023, examining several key performance indicators across areas such as operational and environmental impact, social contribution, human capital, and governance. The review also provides a detailed appraisal of the company’s contribution to achieving the UN Sustainable Development Goals.

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