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FSUOGM: Novatek creates carbon-cutting team

Russia’s Novatek has put together a team of its directors to look at ways of tackling its greenhouse gas (GHG) emissions, even while it pursues a rapid expansion in its liquefaction capacity.

Novatek, like other Russian oil and gas companies, is paying closer attention to its environmental social and governance (ESG) score than ever before, amid increased climate consciousness among investors. Besides setting 2030 targets for reducing its emissions, the company is drawing up plans for a number of green projects, ranging from wind farms on Yamal to hydrogen-fired power turbines to carbon capture and storage (CCS).

Novatek’s directors approved last week the creation of a special six-member steering committee on climate and alternative energy. The committee includes several Novatek directors and is chaired by Dominique Marion, an independent director with a background in geology who currently works as vice-president of France’s TotalEnergies, one of Novatek’s shareholders.

The committee will review Novatek’s business operations and make recommendations on the company’s strategy on climate and decarbonisation issues, including the use of renewable energy sources and the potential for producing low-carbon fuels such as hydrogen.