Pandion Energy Launches Strategy to Net Zero Carbon

Source: 1/22/2021, Location: Europe

Pandion Energy launches its Strategy to Net Zero Carbon Emissions and announces that it has become one of the first E&P companies on the Norwegian continental shelf to achieve Carbon Neutrality in 2020 for Scope 1 and 2 CO2 emissions.

Pandion Energy recognises that climate change is of critical importance to the future of the planet and supports the goal of the Paris Agreement to achieve a carbon neutral global economy.

The commitment to carbon neutrality has been achieved initially by offsetting CO2 emissions through programmes that are aligned with the UN Sustainable Development Goals.

Despite the Company’s carbon intensity per produced barrel being one of the lowest in the global E&P industry – ranging from 1.2 – 3.4 CO2e/boe for its net production – Pandion Energy recognises the importance of minimising its carbon impact as swiftly as possible.

Pandion Energy’s approach to maintaining its low carbon impact position is set out in its Strategy to Net Zero Carbon document and includes:

- Pursuing exploration and appraisal opportunities only in areas with existing or plausible - --future access to renewable energy sources
- Incorporating GHG emissions and the potential for future carbon reduction as a new investment criterion for Development and Production assets
- Incorporating the cost of carbon in evaluating new investments

Pandion Energy aims to align our disclosures with the recommendations set forth by Task Force on Climate-related Financial Disclosures (“TCFD”) from 2021.

CEO of Pandion Energy, Jan Christian Ellefsen says:
A carbon light strategy has always been an imperative for Pandion Energy and our ongoing commitment to carbon neutrality alongside our new investment criteria represents a further positive step in our ambition to achieve Net Zero.

“As the rest of the world starts to move closer to Norway’s leading position on carbon emission reduction, we will continue our work to minimise our footprint and support other players in the sector to do the same.

We also see that further improvements to sharing of environmental data from operators to partners in all licences on the NCS, is an important step to reduce the industry’s climate footprint. Pandion Energy will be working actively towards a common industry standard for sharing and reporting on such data.”

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