Santos sets climate plan

The National Business

SANTOS’ 2022 climate change report sets out a climate transition strategy and action plan to become a zero emissions energy and fuels business by 2040.
In step with the goals of the Paris Agreement on climate change and aligned with international reporting standards, the report affirms that Santos is well placed to manage the risks of climate change. The report has a number of milestones for Santos’ journey to becoming net zero, including but not limited to:

  • NEW 2030 targets of a 30 per cent reduction in absolute emissions, a 40 per cent reduction in emissions intensity and a target to reduce customer emissions by 1.5 million tonnes of CO2 per annum;
  • A commitment to only sell products to customers from countries that have a net-zero commitment or that are signatories to the Paris Agreement;
  • 100 million tonnes of CO2 storage capacity booked in South Australia’s Cooper Basin, one of the first such bookings in the world;
  • FINAL investment decisions on new offshore greenfield projects from 2025 will require abatement or offset of reservoir CO2 emissions.

Santos managing director and chief executive officer Kevin Gallagher said: “Santos is well on its way to de-carbonise its natural gas business and generate new revenue streams through carbon solutions.
“With a strong, low-cost base business supplying natural gas to meet ongoing customer demand and a clear action plan to develop cleaner energy and clean fuels, Santos remains resilient, value accretive and at the leading edge of the energy transition to a low-carbon future.”