Mubadala Energy, based in Abu Dhabi, has made significant progress in key Environmental Social and Governance (ESG) drivers, including a two-thirds reduction in greenhouse gas emissions from 2022. The company’s 2023 report also highlights a near halving of energy consumption across its operated portfolio, demonstrating a major effort to decarbonize the business. In line with the company’s strategy to support the energy transition, Mubadala Energy has increased its gas weighting from 66 percent in 2022 to 69 percent in 2023. Gas is a less carbon-intensive fuel and plays a crucial role in enabling sustainability, along with advancements in new energy sectors like Carbon Capture Utilization and Storage (CCUS) and geothermal energy.
The company’s Managing Director and CEO, Mansoor Mohamed Al Hamed, emphasized the importance of sustainability in Mubadala Energy’s operations, highlighting the progress in reducing emissions, energy consumption, and social impact. The company’s commitment to operational excellence, safety, and community investment was also emphasized. With a focus on expanding its position in gas as a key bridge fuel, Mubadala Energy announced significant gas discoveries in Indonesia, setting the stage for future sustainability initiatives to accelerate the energy transition. The company’s growth strategy in new energies, including collaborations and partnerships in areas such as CCUS and geothermal energy, also reflects its commitment to low-carbon solutions in the region.
Mubadala Energy’s sustainability report showcased achievements such as zero spills of greater than 1 barrel in operated assets, commitment to plant 700,000 mangroves in the UAE by 2030, and a 62 percent reduction in flared gas compared to 2022. The company maintained a strong safety record with zero total recordable injury rate (TRIR) and lost-time injury rate (LTIR) in operated assets. Social initiatives included over 24,000 beneficiaries of CSR projects in 2023 and a significant positive impact on over 1 million people over the last ten years. With 27 percent female representation across the organization, Mubadala Energy surpasses industry averages in promoting gender diversity.
On the governance front, Mubadala Energy recorded zero incidents of non-compliance with laws and regulations in 2023. The company’s commitment to local suppliers is evident with 72 percent of total spend in 2023 going to local suppliers. Independent members of the Board of Directors constituted 43 percent, ensuring transparency and accountability in governance practices. The company’s 2023 Sustainability Report, prepared in accordance with Global Reporting Initiative (GRI) Standards and Task Force on Climate Related Disclosures (TCFD) recommendations, demonstrates Mubadala Energy’s impact in various areas such as operational and environmental impact, social contribution, human capital, and governance. The report also highlights the company’s contribution to achieving key UN Sustainable Development Goals.
In conclusion, Mubadala Energy’s commitment to sustainability through reductions in emissions, energy consumption, and social impact, along with advancements in new energy sectors, reflects its dedication to driving the energy transition. The company’s strong safety record, social initiatives, and governance practices further demonstrate its commitment to sustainability and corporate responsibility. By aligning with global standards and focusing on key performance indicators, Mubadala Energy continues to set a benchmark for sustainable practices in the energy industry and contribute to a more sustainable future.
