Karoon recognises the global climate challenges facing the oil and gas industry and we acknowledge the expectation for oil and gas companies to play a key role in the pathway to net zero. We believe we should seek to reduce our GHG emissions where feasible and to mitigate what cannot be reduced, thereby helping with the effort to reduce the impacts of climate change.
We consider that taking a responsible approach to the impact of our activities on the global environment is both a core influence on our overall growth strategy and a core enabler to our overall success.
In 2021, our first full year as an oil producer, Karoon developed a sustainability strategy with a focus on addressing greenhouse gas (GHG) emissions. Core to our strategy are our GHG targets:
Our Carbon Management Action Plan describes how these targets will be achieved, with avoiding and reducing emissions our first priority.
Karoon is committed to our sustainability strategy and achieving our targets. Through our avoidance, reduction and operational efficiency projects we have reduced our emission intensity from 15.7kg CO 2 e/boe (for the six months ended 30 June 2021) to 10.9kg CO2 e/boe (for the six months ended 31 December 2023), which is below the industry average as reported by the IEA 1. We are also committed to ensuring we invest in high quality carbon off-set projects.
These projects form the basis of the offsets that Karoon surrenders on an annual basis to offset its calculated scope 1 and scope 2 emissions. In 2023 we committed to be the exclusive supporter of the Hiwi REDD+ project that is expected to deliver VERRA registered carbon offsets as well as social benefits for the wider community, as certified under the Climate, Community and Biodiversity Standards (CCB Standards).
As our business grows, Karoon remains focused on seeking to achieve our GHG emissions targets and ensuring our strategic climate commitments are considered in investment decision making.
Further details of our climate statistics and reporting can be found in our annual Sustainability Report.