Our Commitment to Sustainable Business Practices
Our company’s purpose is to be the world’s most trusted energy partner. We are committed to building a sustainable enterprise that helps meet the world’s growing energy needs in a safe, environmentally responsible, socially sensitive and profitable way. Sustainability practices are a fundamental part of our business strategy and operations – they create value for our shareholders and opportunities to continuously improve business performance. Our strategy aligns with the energy transition needed to achieve the International Energy Agency’s Sustainable Development Scenario, which assumes all the pledges of the Paris Agreement are met and projects oil and gas will still be 46% of the global energy mix in 2040.
Our recently updated environment, health, safety and social responsibility strategy includes new targets through 2025 to drive progress in high priority areas such as climate change. The EHS Committee of our Board of Directors was actively involved in this process, approved the new targets and will continue to oversee management’s implementation. Our 2020 Sustainability Report shows how we are addressing sustainability issues and integrating sustainable business practices into our strategy, goals and daily operations.
We believe climate risks can and should be addressed while at the same time providing the safe, affordable and reliable energy necessary to ensure human welfare and global economic development in the context of the United Nations Sustainable Development Goals. Our position, strategy, scenario planning and performance with respect to climate change can be found in the Climate Change and Energy section of our 2020 Sustainability Report and on our website. Our updated carbon asset risk assessment, which includes the results of our most recent portfolio-specific scenario planning exercise, can be found in our 2020 Sustainability Report and on the Carbon Asset Risk Report page of this website.
With the support of our employees, communities, customers, business partners and investors, we strive to make a positive difference for our stakeholders and the world around us. We continue to be recognized by a number of third-party organizations for the quality of our environmental, social and governance performance and disclosure.