All financial figures are in Canadian dollars unless otherwise
noted
CALGARY, AB, Oct. 13, 2021 /CNW/ - Gibson Energy Inc.
announced today that it has received the top "AAA" rating from MSCI
ESG Ratings, being only one of three companies globally in the Oil
& Gas Refining, Marketing, Transportation & Storage
industry and the only company in North
America in that industry, to receive this leadership rating.
In addition, building on its recognized sustainability
efforts, the Company is pleased to announce an ambitious Net Zero
by 2050 target, which will become the Company's long-term,
overarching climate and GHG emission goal.
"Being a leader as the world transitions to a climate-resilient
future is a critical role Gibson is committed to take for our
country, business, shareholders and community," said Steve Spaulding, President and Chief Executive
Officer. "We have a responsibility to ensure a healthy
economy is maintained while doing our part in limiting the rise of
global temperatures. This can and will be accomplished
through sustainable development. This ultimate leadership
recognition by MSCI ESG Ratings, which is one of the largest
providers of ESG data and analysis, as well as the leadership
ratings received from other global rating agencies recognizes our
accomplishments to date and the foundation we have laid for our
credible path to achieve Net Zero Scope 1 and 2 greenhouse gas
emissions across our entire business by 2050."
Earlier in the year, Gibson announced a series of targets to
reduce its GHG intensity and absolute emissions across all its
business units by 2025 and 2030, which will become the Company's
interim goals along its longer-term path to Net Zero by 2050.
Within the interim goals, Gibson has committed that by 2030, its
overall intensity will be reduced by at least 20%, its processing
intensity will be reduced by at least 40% and its storage and
handling intensity will be reduced by at least 95% as compared to a
2020 baseline. Supporting this goal, the Company will reduce
its absolute Scope 1 and Scope 2 emissions at the Moose Jaw
Facility by at least 15% by 2025 and fully eliminate its absolute
Scope 2 impact from its entire business by 2030.
Gibson's climate and GHG emissions targets are now as
follows:
Long-Term GHG
Emissions Target(1)
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2050
Target
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Scope 1
and 2 Emissions
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|
Net
Zero
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|
|
|
|
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Interim GHG
Emissions Targets(1)
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2025
Target
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2030
Target
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GHG Overall Intensity
Reduction
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|
15%
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20%
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|
GHG Processing
Intensity Reduction
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30%
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40%
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|
GHG Storage and
Handling Intensity Reduction
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60%
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95%
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Scope 2 Absolute
Emissions Reduction
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50%
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100%
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Moose Jaw Facility
Scope 1 and 2 Emissions Absolute Reduction
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15%
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|
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1) All targets
are established on a 2020 baseline and intensity targets include
Scope 1 and 2 emissions. See Advisory Statements.
|
Progress to Date
Gibson has already made meaningful
progress in reducing its GHG emissions, including its recent
investment in thermal heat exchanger technology at the Moose Jaw
Facility as part of a recent $20
million expansion, resulting in a reduction in emissions
intensity on a per barrel basis of over 10%. Continuing its focus
on improving the emissions profile of the Moose Jaw Facility, the
Company has also allocated capital within its 2021 budget to
further reduce its emissions intensity by switching from a
feedstock-based fuel supply to natural gas and continues to
consider the impact of GHG emissions as part of its capital review
processes for any capital investment opportunity.
To ensure that Sustainability and ESG remains a priority, and
the Company is continuously working towards each of its 2025, 2030
and 2050 targets, 35% of its Short-Term Incentive Plan is related
to Sustainability and ESG performance, including progress towards
these targets.
To learn more: Sustainability - Gibson Energy
Pathways to Net Zero by 2050
Following a thorough
review of alternatives available, Gibson believes that it has
developed a credible path to Net Zero by 2050 that includes the
following:
- Gibson is committed to do its part to foster a healthy,
sustainable economy by reducing GHG emissions to help limit the
rise of global temperatures and reduce the impacts of climate
change
- Gibson can reduce approximately 90% of current Scope 1 and 2
emissions across Gibson's entire asset base through the application
of existing technologies already in commercial use in North America, with the potential for superior
alternatives to emerge over time, without relying heavily on
offsets or credits
- Gibson does not expect that reaching Net Zero by 2050 will
impair the Company's ability to secure future capital investment
opportunities and that all investments, including energy transition
related opportunities, will continue to meet the Company's existing
internal return hurdles
- Gibson recognizes the importance of Scope 3 emissions, and the
value chain partnerships required to appropriately address them,
and will continue its work with customers, suppliers and other
relevant stakeholders to identify and execute on reduction
opportunities and solutions
- Gibson will continue to explore the potential to expand or
enhance its climate-related targets, including exploring alignment
with frameworks such as Science Based Targets, as it identifies
opportunities to impact value-chain emissions, new credible
pathways emerge and/or as existing targets are met
To learn more: Sustainability - Gibson Energy
Inaugural TCFD Report and Incremental Disclosures
As
part of its focus on reducing GHG emissions and addressing the
impacts of climate change and the energy transition on the Company,
Gibson has published its inaugural Task Force on Climate Related
Financial Disclosure Report ("TCFD Report"). The TCFD Report also
includes Gibson's climate scenario analysis aligned to the
International Energy Agency's Stated Policies and Sustainable
Development Scenarios. The results of the scenario analysis affirms
Gibson's confidence that it will be able to adapt to changes in the
external market and remain resilient through the various paths that
the energy transition may take.
The TCFD Report also contains updated sustainability data guided
by the Sustainability Accounting Standards Board (SASB) standards
for the Midstream and Refining & Marketing industries and by
the Global Reporting Initiative (GRI) Core option and takes into
consideration the United Nations Sustainable Development
Goals.
The TCFD Report is available here: Sustainability - Gibson
Energy
Gibson has also recently submitted its second annual CDP Climate
Change Questionnaire, which includes Scope 1 and 2 disclosures
across the entire business and enhanced Scope 3 disclosures.
The most recent CDP Climate Change Questionnaire Submission is
available here: gibson-cdp-2021-official-version.pdf
(gibsonenergy.com)
Gibson's Current ESG Benchmarking
Gibson's improved
rating to "AAA" from MSCI is driven by notable improvements in the
Company's strategy to mitigate GHG emissions, as well as its
comparatively low exposure to risks related to biodiversity and
community opposition, together with the Company's industry leading
corporate governance practices.
This leadership rating is consistent with recognition providing
by other globally recognized rating agencies:
Rating
Agency
|
|
Score /
Ranking
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|
Description of
Ranking
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|
|
|
|
|
MSCI ESG Risk
Ratings
|
|
AAA
|
|
Measurement of
resilience to long-term, industry material environmental, social
and governance risks on a relative ranking from AAA being the best
to CCC being the worst
Gibson was upgraded
to the top AAA ESG Rating by MSCI, being only one of three
companies globally in the Oil & Gas Refining, Marketing,
Transportation & Storage industry (and only company in North
America in that industry) with this leadership rating
|
|
|
|
|
|
|
|
|
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CDP - Climate
Change
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A-
|
|
Top 10% globally
within industry group
A- on supplier engagement
Gibson was one of 7 oil and gas companies throughout North America
to receive this distinction
|
|
|
|
|
|
|
|
|
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Sustainalytics ESG
Rating
(Refiners and
Pipelines)
|
|
5 out of
188
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Top 3% within
industry group
|
|
|
|
|
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ISS Governance
Quality Score
|
|
1
|
|
Denotes decile
ranking score on a scale of 1 being the best to 10 being the worst,
with a score of 1 indicating top 10% performance within Energy
industry group
|
|
|
|
|
ISS Environmental
Quality Score
|
|
2
|
|
|
|
|
|
ISS Social Quality
Score
|
|
2
|
|
About Gibson
Gibson Energy Inc. ("Gibson" or the
"Company") (TSX: GEI), is a Canadian-based liquids
infrastructure company with its principal businesses consisting of
the storage, optimization, processing, and gathering of liquids and
refined products. Headquartered in Calgary, Alberta, the Company's operations are
focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and include the Moose Jaw
Facility and an infrastructure position in the U.S.
Gibson shares trade under the symbol GEI and are listed on the
Toronto Stock Exchange. For more information, visit
www.gibsonenergy.com.
Advisory Statements
Definitions
Scope 1 emissions are direct emissions from facilities owned
and operated by Gibson.
Scope 2 emissions are indirect emissions from the generation
of purchased energy for Gibson's owned and operated
facilities.
Scope 3 emissions are indirect emissions not included in
Scope 1 or Scope 2 that Gibson indirectly impacts in its value
chain.
All references in this press release to Net Zero include
Scope 1 and Scope 2 emissions.
All references in this press release to Gibson's business and
asset base are only inclusive of the equity portion of facilities
Gibson owns and operates.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information and statements (collectively,
forward-looking statements). These statements relate to future
events or future performance. All statements other than statements
of historical fact are forward-looking statements. The use of any
of the words "anticipate", "plan", "aim", "target", "contemplate",
"continue", "estimate", "expect", "intend", "propose", "might",
"may", "will", "shall", "project", "should", "could", "would",
"believe", "predict", "forecast", "pursue", "potential" and
"capable" and similar expressions are intended to identify
forward-looking statements. The forward-looking statements reflect
Gibson's beliefs and assumptions with respect to, among other
things, its goal of achieving Net Zero GHG emissions by 2050, the
role of sustainable development in future outcomes related to the
economy and climate goals, the credibility and success of the
Gibson's intended path to achieve its Net Zero by 2050 target,
Gibson's ability to achieve its interim goals in 2025 and 2030
including overall GHG intensity, processing GHG intensity and
storage and handling GHG intensity reductions and quantifications,
the reduction of GHG intensity at Gibson's Moose Jaw Facility and
further opportunities related to GHG reductions at such facility,
Gibson's expectations and plans related to its Net Zero by 2050
target pathway and their effectiveness and its work related to
Scope 3 emissions initiatives, ability to provide further
disclosures related to Gibson's climate goals, Net Zero goal and in
particular, its 2022 Sustainability Report, Gibson's future climate
and ESG targets and metrics and future ambitions, the global energy
transition, and other assumptions inherent in management's
expectations in respect of the forward-looking statements
identified herein.
Forward-looking statements involve known and unknown risks,
assumptions, uncertainties, and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements. Although Gibson believes these
statements to be reasonable, no assurance can be given that the
results or events anticipated in these forward-looking statements
will prove to be correct and such forward-looking statements
included in this press release should not be unduly relied upon.
Actual results or events could differ materially from those
anticipated in these forward-looking statements as a result of,
among other things, risks inherent in commodity prices, interest
and foreign exchange rates; the performance of assets; capital
efficiencies and cost savings; applicable laws and government
policies; the sufficiency of budgeted capital expenditures in
carrying out planned activities; the availability and cost of
labour, materials, services and infrastructure; the development and
execution of projects; prices of crude oil, natural gas, natural
gas liquids and renewable energy; impact of the dividend policy on
our future cash flows and estimated future dividends; credit
ratings and capital project funding; the development and
performance of technology and new energy efficient products,
services and programs including but not limited to the use of
zero-emission and renewable fuels, carbon capture and storage,
electrification of equipment powered by zero-emission energy
sources and utilization and availability of carbon offsets;
assumptions relating to long-term energy future scenarios; carbon
price outlook; the cooperation of joint venture partners in
reaching the Net Zero by 2050 target; the power system
transformation and grid modernization and levels of demand for our
services and the rate of return for such services.
The forward-looking statements contained in this press
release represent Gibson's expectations as of the date hereof and
are subject to change after such date. Gibson disclaims any
intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future
events or otherwise, except as may be required by applicable
laws. Readers are cautioned that the foregoing
lists are not exhaustive. For a full discussion of our material
risk factors, see "Risk Factors" in Gibson's Annual
Information Form dated February
22, 2021 as filed on
SEDAR and available on the Gibson website at
www.gibsonenergy.com.
Investors:
Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone: (403) 776-3146
Email: mark.chyc-cies@gibsonenergy.com
Sustainability:
Sean
Wilson
Senior Vice President, Chief Administrative Officer and
Sustainability Lead
Phone: (403) 206-4132
Email: sean.wilson@gibsonenergy.com
Media:
Wendy Robinson
Director, Communications & Brand
Phone: (403) 827-6057
Email: wendy.robinson@gibsonenergy.com
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SOURCE Gibson Energy ULC