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New Reporting Standards

BRINDEX members planning a common standard of climate related disclosure reporting

BRINDEX members committed to supporting the British Government’s target of reducing greenhouse gas emissions to net zero by 2050

The Association of British Independent Exploration Companies (“BRINDEX”), on behalf of its members welcomes the new reporting standards formulated by the Task Force on Climate-related Financial Disclosures (TCFD); and are planning a common standard of reporting. BRINDEX Members will:

  • Continue to identify and implement measures to reduce energy consumption associated with our global operations.

  • Identify and pursue opportunities to reduce our carbon footprint and greenhouse gas emissions within our operations and throughout our supply chain.

  • Communicate our climate change performance and our processes for governance, risk management and target-setting with internal and external stakeholders in a transparent and consistent manner.

  • Collaborate with industry and other associations on climate change adaptation and mitigation, including a framework by which the oil and gas industry works towards a target of net zero greenhouse gas emissions and establish time-bound targets that support the ambitions of the Paris Agreement.

BRINDEX Members are proud that the oil and gas industry is an essential component in delivering secure, efficient and cost-effective energy. Delivering a domestic source of affordable energy is key to a nation's security of supply, growth of its economy, powering homes and contributing to satisfying the growth of energy demand.

We understand that the consumption of fossil fuels impacts the environment and we are committed to supporting the British Government's target of reducing greenhouse gas emissions to net zero by 2050. We recognise that less carbon intensive forms of energy will grow to meet the requirements set out in the Paris Agreement.

We note that the UK Committee on Climate Change (CCC) in its May 2019 report forecasts significant gas demand to 2050 and beyond; gas demand in 2050 is forecast at 68 per cent of 2019 demand. Under the CCC's recommended pathway to net zero greenhouse gas (GHG) emissions much of this gas would be used as both a feedstock for making hydrogen and a backup supply for generating electricity. Carbon Capture and Storage would accompany gas usage to enable Britain to achieve its net zero target. These are ambitious targets that will require the British Government to lead by developing effective policies and for the British oil and gas industry to use all its existing capacity for innovative engineering and technology. As BRINDEX Members we are committed to play a leading role.

In terms of the UK, BRINDEX believes that Britain's oil and gas requirements should be met wherever possible from domestic efficiently-run, well-regulated, job-creating supplies of oil and gas. This would allow:

  • Decreased dependency on foreign imports, many from countries that apply weak environmental controls over their domestic operations

  • More tax revenue resulting in a positive impact on the UK economy

  • Lower household bills

  • Gain of UK jobs and expertise

  • Gain of work for British supply chain companies

  • Lower climate impact of not producing and transporting oil and gas globally

By way of example, in terms of the energy transition and the expected need for natural gas supplies long into the future, it is important to note that Britain is already a significant importer of natural gas. In 2018 the UK imported £200,000,000 of gas each week. Many of these imports come from countries with lower environmental standards than our own.

Robin Allan, Chairman of BRINDEX said:

"We welcome the reporting standards formulated by the Task Force on Climate-related Financial Disclosures and we are working with our members towards a common standard of reporting in the context of being committed to supporting the British Government’s target of reducing greenhouse gas emissions to net zero by 2050."

"To improve the UK's balance of payments and to ensure that the gas and oil we are buying is not making worse the global quantum of GHG emissions, the UK Government must continue to encourage the development of Britain's gas and oil reserves over foreign imports and promote its support for Britain's oil and gas industry and its British jobs."

Contact

Administrator

Jackie Steer - BRINDEX
Tel : +44 (0)20 8668 3359
Email : jackie@brindex.co.uk

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