Climate change

Santos recognises the science of climate change and supports the objective of limiting global temperature rise to less than 2 degrees Celsius.

Our strategy focuses on natural gas which we believe will continue to play a key role in a low carbon future. We are committed to being part of the solution by supporting the twin objectives of limiting greenhouse gas emissions while providing access to reliable and affordable energy to domestic and global markets.

Our greenhouse gas emission sources consist of vehicle and equipment fuel combustion, venting, flaring and fugitive emissions. Together, these are reported as total emissions from our operated facilities.

We actively monitor and disclose our climate change performance and meet numerous reporting commitments including the National Greenhouse and Energy Reporting Scheme and reports to Santos’ Environment, Health, Safety and Sustainability Committee of the Board.

As population grows and urbanisation provides more people with access to electricity, demand for energy will continue to grow. To meet this demand and limit temperature rise, a suite of options will be required that balances reliability, cost, and environmental factors. Natural gas is ideally placed to underpin this transition to a lower-carbon economy, as it is a reliable and affordable source of energy that produces 50% less greenhouse gas emissions than coal when used to generate electricity and less local air pollutants. Even under the most carbon-constrained scenario, the International Energy Agency projects that gas will be an important part of the energy mix well into the future.

Santos has published a Climate Change Report outlining its approach to climate change, including risks, opportunities and targets.  This is consistent with the recommendations of the G20’s Task Force on Climate-Related Financial Disclosures. The report highlights that:

  • Climate-related risks and opportunities are embedded in the Company's corporate strategy and portfolio planning process, including emissions forecasting and carbon pricing.
  • Santos’ natural gas focused portfolio is economically resilient under scenarios consistent with global efforts to reduce greenhouse gas emissions.
  • The Board and Executive Management oversee management of climate change risks and opportunities.
  • Climate change is incorporated into the Company's enterprise risk management processes and oversight to ensure associated strategic, financial, operational and commercial risks are effectively identified and managed.
  • We transparently report on Santos' greenhouse gas emissions and sustainability performance data.
  • We have set an aspirational target to achieve net zero emissions from our operations by 2050.
  • We are already pursuing a number of activities and measures to reduce our emissions.

 

Click here to read the 2018 Climate Change Report. 

Click here to view the 2017 Greenhouse Gas Emissions Assurance Statement.