88 Energy Limited is committed to the principles of ESG as an effective means of creating long-term value. In July 2021, we made a commitment to commence reporting on the Environmental, Social, and Governance (ESG) disclosures of the Stakeholder Metrics of the World Economic Forum (WEF).
We are in the process of making ESG disclosures in the form of a set of universal, comparable ESG metrics focused on people, planet, prosperity, and principles of governance that organisations can report on regardless of industry or region.
The diagram below, shows the 21 core indicators of the WEF ESG Framework and is being reviewed quarterly and updated periodically.
88 Energy is committed to use this universal ESG framework to align our mainstream reporting on performance against ESG indicators. By integrating ESG metrics into our governance, business strategy, and performance management process, we diligently consider all pertinent risks and opportunities in running our business. We continue to look for opportunities for further transparency on the topics which are material to our business.
88 Energy’s current primary environmental impact is caused by its exploration and appraisal operations on the North Slope of Alaska.
The Company has recently completed the drilling of the Merlin-1 well. The recent drilling operation also used water, however the Company has assessed this as minimal and will assess the diesel usage from operation with it’s contractors. This is the main source of emissions from 88 Energy’s operations.
As part of its operations in Alaska and Australia, 88 Energy seeks to apply best practices in its various interfaces with local stakeholders.
The following areas of impact will be reported on in the future via the company’s Quarterly reports and it’s Half year and Annual reports:
- Cash contributions to various levels of Government in the form of annual fees, bonuses and rents that are payable to state and federal agencies.
- Capital investments made in the country in which exploration and appraisal activities occur. 88 Energy strives to use local Alaskan contractors in its operations.
- Support provided to the local organisations and agencies.
88 Energy has adopted a range of corporate policies and procedures as part of its Corporate Governance management systems. Links to the policies are set out in the Corporate Governance section of this website. The primary policies related to best ESG practice are set out below:
The Company is constantly reviewing this area with a view to improving its corporate governance processes. Relevant new or updated policies adopted will be placed on the website.
To track our disclosure progress and demonstrate our sustainability performance against the WEF framework we utilise Socialsuite’s ESG Go disclosure platform. ESG Go enables us to demonstrate our ongoing commitment to ESG by providing a dedicated solution to track, report, and share our ESG disclosures. With ESG Go we have started the journey of building robust ESG credentials.
88 Energy’s ESG progress highlights include:
- Renewal of 88 Energy’s Board with Mr Philip Byrne joining 88 Energy as non-executive Chairman and Ms Joanne Kendrick joining 88 Energy as non-executive director. Both Mr Philip Byrne and Ms.Joanne Kendrick bring significant international oil and gas experience and a broad range of skillsets to the 88 Energy Board.
- Gender diversity in the workforce; the 88 Energy gender mix has improved from 91% Male / 9% Female in 2020 to 64% Male / 36% Female as at the end of Q3 2021.
- Integration of a detailed sustainability framework and reporting into exploration and corporate activities
ESG BUSINESS PARTNERS & PROVIDERS
88 Energy utilises the sustainability frameworks and reporting standards set by the World Economic Forum. 88 Energy utilises a system portal developed by Social Suite to measure and report its progress on a quarterly basis. 88 Energy partners with Carbonfund.org Foundation to offset carbon emissions due to 88 Energy’s operational activities.