Pillar 1
Climate action & carbon reporting
Net Zero targets & our emissions
Targets
Reduce scope 1 and 2 emissions 50% by 2030 (from a 2021 base year)
Become a Net Zero business by 2050 (or sooner)
Performance measures
Annual scope 1-3 emissions (tCO2e)
Carbon saved per year across our offices and fleet (tCO2e)
Defining our scope boundaries and targets
You can’t manage what you don’t measure, so one of the first steps on this journey was to calculate our operational carbon footprint of our business. In 2022 we calculated our 2021 baseline for the business and defined our organisational and Scope 1-3 boundaries in alignment with the international guidance for carbon footprint modelling has been used to set our Net Zero action planning and science-based targets for the business.
The international standard Science Based Targets Initiative (SBTi) does not currently provide guidance for the Oil & Gas sector. In the interim, IEG has committed to be proactive and align our methodology and target setting with the requirements of the SBTi standard, as follows:
Scope of the Net zero targets shall include the whole organisation (Scope 1-3)
1We will further develop our Net Zero Action Plan to reduce emissions that demonstrates continual improvement, and
2IEG only use high standard carbon offsets - I.e. Gold Standard, - and/or explore local initiatives to support carbon insetting.
Our Other pillars
PILLAR 2
Protecting our
environment
Set science based targets and measure, manage and reduce our emissions to Net Zero.
PILLAR 3
New energy
management
products & services
Support our customers to manage their energy and costs, and play a vital part in the energy transition.
PILLAR 4
Cleaner,
greener energy
Transition the energy we supply to lower carbon alternatives.