Mubadala Energy Announces Sustainability Strategy

Published on: 29 October 2022
by KnowESG
Mubadala-Petroleum-rebrands-to-Mubadala-Energy

Mubadala Energy has released its 2021 Annual Sustainability Report, which details the company's sustainability performance across key Environment, Social, and Governance (ESG) parameters and announces the introduction of its new sustainability strategy.

The formalised sustainability strategy aims to connect the opportunities of the energy transition with Mubadala Energy's goal of making a positive impact on people and the planet. 

This increased focus on sustainability stewardship is based on a history of being a responsible, trustworthy, and safe operator. It is based on three important pillars: environmental leadership, responsible operations, and being a partner of choice.

Mubadala Energy CEO, Mansoor Mohamed Al Hamed, said: 

“2021 was a significant year of transformation for us as a company. The COVID-19 pandemic continued to affect the world, and as a business, we stayed flexible to make sure our operations were carried out safely for our employees and the communities around us. At the same time, we started a process to change our strategy so we could be more proactive in the energy transition. This year’s Sustainability Report is another marker of our clear path forward as a reliable and sustainable energy provider.”

With the release of the 2021 Sustainability Report, Mubadala Energy has also named an Energy Transition & Decarbonisation lead who will lead the company's efforts in these areas.

Sumiyyah Mohammed, Manager, Energy Transition & Decarbonisation, said: 

“This report captures our strong performance across key ESG criteria in 2021. For the first time, we have also formalised a sustainability strategy that builds on our track record of responsible and sustainable business, in line with our strategic priorities for the company.”

The business is celebrating its tenth anniversary and changing its name from Mubadala Petroleum to Mubadala Energy at the same time as its new focus. This major change is part of a strategy shift to use gas as a key bridge fuel across the gas value chain and look for opportunities in lower-carbon energy solutions like blue hydrogen and carbon capture and storage (CCS).

In 2022, the company reached a gas weighting of nearly 70%, hit 500,000 barrels of oil equivalent a day (BOED) for the first time in its history, and delivered the first commercial gas at Pegaga, the company's flagship gas project in Malaysia.

The report was made according to the standards of the Global Reporting Initiative (GRI). It shows how Mubadala Energy will affect the world in 2021 by looking at several key performance indicators in areas like operational and environmental impact, social contribution, human capital, and governance. The review also gives a detailed look at how the company is helping reach the most important UN Sustainable Development Goals.

Source: Mubadala Energy

For more company-related news

Click here to access Madubala Energy 2021 sustainability report final

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