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Environmental and Climate Change Targets
On 25 August 2020, the Board of Directors of PAO NOVATEK approved the following environmental and climate change targets for the period up to 2030:
* Data for 2019 are presented in the Company's 2019 Sustainability Report
The Company's Strategy considers the increasing role of LNG in the future global energy mix by replacing other types of fossil fuels (coal, fuel oil and diesel), which reduces greenhouse gas and air pollutants emissions. The role of natural gas will be fundamental in decarbonizing the global energy mix, as a low‐carbon energy alternative to traditional fossil fuels in the energy transition.
NOVATEK fully subscribes to the tenets outlined in the Paris Climate Agreement, which was subsequently adopted by the Russian Federation in September 2019. The present level of our greenhouse gas emissions per barrel of production is already among the lowest globally due to the use of state-of-the-art technologies and a high share of natural gas in the Company's hydrocarbon production. We set ambitious targets that will contribute to the reduction of greenhouse gas emissions to meet global climate change initiatives, as well providing affordable, secure and sustainable, clean-burning natural gas to our customers for many decades.
In October 2020, NOVATEK became the signatory company to the Methane Guiding Principles initiative, a voluntary, international multi-stakeholder partnership between industry and non-industry organizations with a focus on priority areas for action along the natural gas value chain. The Company joined international oil and gas industry leaders and global supporting organizations to achieve a goal to continually reduce methane emissions within business activities, increase transparency and implementation of regulations on methane emissions.