Building our business and a better tomorrow
Climate change is a global agenda. According to the UN Intergovernmental Panel on Climate Change, we need to limit the global temperature increase to below 2°C and pursue efforts to cap the increase to within 1.5°C to avoid catastrophic consequences to natural and human systems. At Yinson, we aspire to be part of the solution towards solving the global climate issue.
Climate action is the centrepiece of our Group strategy development and it is closely integrated and operationalised throughout our Business Units.
With due consideration to the urgency of the current climate situation, we aim to take thoughtful and measured steps towards achieving the following goals:
Measure and verify our greenhouse gas (“GHG”) emissions.
Deploy emission reduction measures where reasonably practicable.
Utilise high-quality offsets to balance residual GHG emissions by 2030.
Focus investments into nature-based and technology-based carbon removal projects.
Actively invest into zero or low-carbon technologies.
Commit business operations in alignment with the Paris Agreement.
Strategies will be further implemented through a three-pronged framework, as follows :
Yinson is determined to do our part in the global movement towards a low-carbon, climate resilient environment. In March 2021, we established our Climate Goals to be carbon neutral by 2030 and net zero by 2050. Our climate targets have been set to be fully consistent with the ambitious goals of the Paris Agreement.
These form part of Yinson's overarching sustainability focus that drives us to contribute as much as possible to strengthen the world's collective foundation for a durable, equitable and sustainable economy. Yinson's Climate Goals Roadmap describes our key pathways towards achieving our Climate Goals.
Yinson is committed to the use of appropriate GHG calculation methodology aligning with internationally recognised practices and standards. Yinson’s approach to monitoring, reporting and verifying our GHG emissions allows us to accurately inform our decision-making, manage our long-term strategic goals and ensure the integrity of the information disclosed.
Yinson accounts for and reports Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from the generation of purchased energy) and Scope 3 (all other indirect emissions that occur in the value chain) emissions. Where possible, Yinson will prioritise and utilise recorded activity data for the calculation.
Yinson’s methods are based on the UK oil & gas industry’s Environmental and Emissions Monitoring System (“EEMS”) Greenhouse Gas Protocol, ISO 14064 and IPIECA. The GHG emissions that are material to Yinson’s operations include carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O), which are converted to CO2 equivalents (CO2e) by applying the 100-year time-horizon global warming potential as recommended by the IPCC’s 5th Assessment Report.
Yinson continues to engage in annual external verification, reasonably assure our GHG data and calculations covering the majority of our business activities, to ensure the integrity of our GHG quantification. Our GHG calculation and methodology have been independently verified and reasonably assured by a third-party assurer.
Verification of methodology for carbon footprint and emission for selected Yinson Production AS operations as of ISO 14064-1