National Fuel Gas Company (National Fuel or the Company) announced today the release of its 2020 Corporate Responsibility Report (the Report), providing a comprehensive review of environmental, social, and governance (ESG) performance metrics and highlighting the Company’s ongoing initiatives to ensure the long-term sustainability of its integrated energy business with a focus on corporate citizenship in the communities in which it operates. An electronic version of the report is available by clicking here.
“National Fuel is focused on continuous improvement in all aspects of our business, including our ESG initiatives and disclosures,” said David P. Bauer, President and Chief Executive Officer. “Across our footprint in New York, Pennsylvania, California, and Texas, our 2,100 employees are committed to our corporate guiding principles of safety, environmental stewardship, community, innovation, satisfaction, and transparency. By embracing these core values each and every day, National Fuel continues to play a meaningful role within our communities.”
The Report, in response to discussions with the Company’s key stakeholders, includes significant additional disclosure related to climate risk in line with the Task Force on Climate-Related Financial Disclosure (TCFD) framework. This framework analyzes governance surrounding climate-based risks and opportunities, strategies for addressing such factors, risk management considerations, and metrics and targets which can be used to assess those factors.
In connection with the Company’s enhanced climate-focused disclosures and ongoing efforts to lower its carbon footprint, National Fuel is establishing significant methane intensity reduction targets at each of its businesses, as well as an absolute greenhouse gas (GHG) emissions reduction target for the consolidated Company, each using a 2020 baseline.
- Exploration & Production: 40% reduction in methane intensity by 2030
- Gathering 30% reduction in methane intensity by 2030
- Pipeline & Storage: 50% reduction in methane intensity by 2030
- Utility: 30% reduction in methane intensity by 2030
- Consolidated Company: 25% reduction in total GHG emissions by 2030
These targets are in addition to those established in March for the Company’s Utility delivery system, which aims to limit GHG emissions from the Utility segment’s mains and services by 75% by 2030, and 90% by 2050, both from 1990 levels.