NOVATEK’s Board of Directors Established a Subcommittee on Climate and Alternative Energy
Moscow, 15 July 2021. The Board of Directors (“Board”) of PAO NOVATEK (“NOVATEK” and/or the “Company”) established a “Subcommittee on Climate and Alternative Energy” (“Subcommittee”) within the Board’s Strategy Committee comprised of Dominique Marion (Chairman), Arnaud Le Foll, Robert Castaigne, Tatiana Mitrova, Alexander Natalenko and Viktor Orlov.
The Subcommittee will review various aspects of the Company’s business operations and develop recommendations for the Board on the Company's strategy on climate and decarbonization issues, development of renewable energy sources and the potential production of low carbon fuels, including hydrogen. The dedicated Board Subcommittee will facilitate regular in-depth reviews of NOVATEK’s climate strategy implementation and submit timely proposals on climate mitigation and abatement for consideration by the Board of Directors.
As a major natural gas producer, the Company pays special attention to climate change mitigation and is guided by the UN Sustainable Development Goals and the tenets of the Paris Climate Agreement. In August 2020, the Board approved the Company's environmental and climate goals for the period up to 2030, with 2019 as the baseline year (full list is available at http://www.novatek.ru/en/development/targets/ ).
PAO NOVATEK is the largest independent natural gas producer in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Region, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.