Frontera Achieved 102% Of Its 2022 ESG Goals
2023 Environmental, Social, and Governance Targets Announced
Positively Impacted More Than 73,100 People Developing 218 Social Projects
Advanced Its First Photovoltaic Power Project At Its CPE-6 Block In Colombia To Reduce Energy Use, Costs, and Carbon Emissions
Commissioning The SAARA Pilot Project, A Water Reuse And Purification System Within A Circular Economy Framework
Frontera Energy Corporation released its 2022 Sustainability Report, announced its 2023 environmental, social and governance ("ESG") targets, highlighting its commitment to developing and implementing meaningful actions to strengthen its ESG performance across its business.
Orlando Cabrales, Chief Executive Officer, Frontera commented:
"I am thrilled to report that Frontera exceeded its 2022 ESG goals, achieving an overall compliance of 102%. Our dedication to harmonizing our business objectives with our ESG goals underscores our belief that responsible corporate stewardship and robust business performance are not just complementary, but mutually reinforcing. Through operational excellence and steadfast integrity, we are cultivating a sustainable future that prioritizes the well-being of our employees, communities, ecosystems, and the environment, all while creating societal value."
Frontera's 2022 Sustainability Report details Frontera's sustainability efforts, the Company's performance against its 2022 ESG goals and publicly establishes its 2023 ESG objectives. The 2022 Sustainability Report covers the period from January 1, 2022, to December 31, 2022, and has been prepared in accordance with the Sustainable Accounting Standards Board (SASB), Task Force on Climate-Related Financial Disclosures (TCFD), Carbon Disclosure Project (CDP) and the Global Reporting Initiative (GRI), the Global Compact, the Voluntary Principles on Human Rights and Security, and the UN Sustainable Development Goals. Frontera has voluntarily published annual Sustainability Reports since 2016 as part of its continuous and transparent disclosure efforts to highlight its ESG achievements and challenges.
Highlights of Frontera's 2022 ESG performance include:
Environment:
• Frontera neutralized 52% of its GHG emissions through carbon credits
• The Company reduced the average water consumption in its operations by 21%
• Frontera reforested and restored 1,747 hectares, totalling 4,057 cumulative hectares preserved and conserved since 2018
• Frontera has added gas-powered vehicles to its oil transportation fleet, shifting the paradigm of crude oil transport and promoting cleaner transportation
Social:
• Frontera achieved a TRIR of 0.82 and maintained a zero incident rate in its operations, the best health and safety performance in the Company's history
• Frontera positively impacted more than 73,100 people in Colombia, Ecuador and Peru through the development of 218 projects, investing $4.3 million and making direct purchases of local goods and services for a total of $51.3 million
• Frontera received the Friendly Biz certification from the Chamber of LGBT Businesses of Colombia for being an LGBT+ friendly business
• The Company was recognized as one of the top 20 companies to work for in Colombia in 2022 according to Great Place To Work in the category of companies with 300 to 1,000 employees
Governance:
• Frontera was recognized as one of the World's Most Ethical Companies by Ethisphere, for the second consecutive year
• The Company maintained a rate of zero material cybersecurity incidents
Frontera's 2023 Environmental, Social, and Governance Goals
As part of its 2022 Sustainability Report, Frontera published its ESG goals for 2023. Frontera will report its progress in achieving its 2023 goals in its 2023 Sustainability Report which it anticipates publishing in May 2024. A list of the Company's 2023 ESG goals is shown in the table below.
