Net zero 2020

Abstract

Cooper Energy recognises the challenge of climate change, the goals of the Paris Agreement and the role of both energy companies and society in reducing greenhouse gas emissions, given the proportion of emissions generated from energy production and consumption. In 2020, Cooper Energy became Australia’s first carbon neutral domestic gas company. We fully offset our fiscal year 2020 Scope 1 (direct), Scope 2 (indirect) and controllable Scope 3 (business travel and embedded energy) greenhouse gas emissions. The company was recognised for this achievement with the award of the 2020 South Australian Premier’s Award for Environment. We plan to offset our carbon emissions annually, recognising the long-term benefits to our business, the environment and the communities where we operate. To achieve net zero carbon emissions in 2020, Cooper Energy partnered with Greening Australia’s Biodiverse Carbon and invested in the Morella Biodiversity project, at the eastern end of the Coorong in south-east South Australia. The partnership also covers the early conceptual stages to progress a similar project in Victoria near to our Gippsland and Otway operations. This paper expands on the strategy, challenges, risks, opportunities and co-benefits of taking a forward-looking position in this area, which is aligned with The Cooper Energy Values and the direction of the broader community. This includes the decision to favour investment in appropriate high quality domestic projects near to our operational activities over lower cost international projects or simply purchasing offset credits on a carbon market. The paper explores how our net zero commitment will act as a driver to reduce emissions intensity in our operations and add value for Cooper Energy stakeholders.