Karoon recognises the global climate challenges facing the oil and gas industry and we acknowledge the expectation for oil and gas companies to play a key role in the pathway to net zero. We believe we should seek to reduce our GHG emissions where feasible and to mitigate what cannot be removed, thereby helping with the effort to reduce the impacts of climate change.
We consider that taking a responsible approach to the impact of our activities on the global environment is both a core influence on our overall growth strategy and a core enabler to our overall success.
Within our first year as an oil producer Karoon developed a sustainability strategy with a focus on addressing greenhouse gas (GHG) emissions. Core to our strategy are our GHG targets:
Carbon neutral refers to having a balance between emitting and offsetting greenhouse gas (GHG) emissions. Achieved through acquiring carbon offsets in respect of Scope 1 and 2 GHG emissions. Net zero refers to reducing GHG emissions as far as possible and balancing the residual GHG emissions produced with GHG emissions removed from the atmosphere. To be achieved through future transition planning in respect of Scope 1 and 2 emissions.
Our Carbon Management Action Plan describes how these targets will be achieved, with avoiding and reducing emissions our first priority.
Karoon is committed to our sustainability strategy and seeking to achieve our GHG emissions targets. In FY2022 we saved more than 2,850 tCO2e through our avoidance and reduction projects. We are continuing to seek further ways to reduce our emissions, while also investigating opportunities to invest in high-quality carbon offset projects.
As our business grows, Karoon will remain focused on seeking to achieve our GHG emissions targets and ensuring our strategic climate commitments are considered in investment decision
making.
Further details of our climate statistics and reporting can be found in our annual Sustainability Report.