Mubadala Energy Unveils Sustainability Strategy
- Formal strategy launched as part of 2021 Sustainability Report
Mubadala Energy has today published its 2021 Annual Sustainability Report, detailing the company’s sustainability performance across key Environment, Social, and Governance (ESG) parameters, and launching its new sustainability strategy.
The formalized sustainability strategy aims to connect the opportunities of the energy transition with Mubadala Energy’s ambition to create a positive impact on people and the planet. This renewed focus on sustainability stewardship builds on a heritage as a responsible, trusted and safe operator, and focuses on three key pillars; Leading on environmental action; Ensuring responsible operations and Being a partner of choice.
Commenting on the report, Mansoor Mohamed Al Hamed, CEO, Mubadala Energy, said: “2021 was a significant year of transformation for us as a company. The effects of the COVID-19 pandemic continued to impact the world, and as a business, we maintained our adaptability to ensure we executed our operations in the safest manner for our employees and neighboring communities. At the same time, we kicked off a process to redefine our strategy to play a proactive role 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 launch of the 2021 Sustainability Report, Mubadala Energy has also appointed an Energy Transition & Decarbonization lead, who will spearhead the company’s efforts in these respective areas.
Sumiyyah Mohammed, Manager, Energy Transition & Decarbonization, said; “This report captures our strong performance across key ESG criteria in 2021. For the first time we have also formalized a sustainability strategy that builds on our track record of responsible and sustainable business, in line with our strategic priorities for the company.”
This new focus for the business coincides with the celebration of its tenth year of operations and the change of brand from Mubadala Petroleum to Mubadala Energy. This pivotal change reflects a strategic shift to expand across the gas value chain as a key bridge fuel and explore potential opportunities in lower-carbon energy solutions, such as blue hydrogen and carbon capture and storage (CCS).
In 2022, the company also achieved a gas weighting of nearly 70 percent, hit 500,000 barrels of oil equivalent a day (BOED) for the first time in its history, and delivered first commercial gas at Pegaga, the company’s flagship gas project in Malaysia.
The report has been prepared in accordance with Global Reporting Initiative (GRI) Standards and discloses Mubadala Energy’s impact in 2021, examining several key performance indicators across areas such as operational and environmental impact, social contribution, human capital, and governance. The review also provides a detailed appraisal of the company’s contribution to achieving the key UN Sustainable Development Goals.
To explore the full report, please download MUBADALA ENERGY 2021 SUSTAINABILITY REPORT_FINAL