Hess Corporation releases annual sustainability report
Hess Corporation, a global energy company involved in exploration and production of crude oil and natural gas has published its 25th annual sustainability report. The report outlines the company’s 2025 targets including a 50% reduction in scope 1, scope 2 and methane emissions compared to 2017 levels and the elimination of routine flaring from its operations by the end of 2025. The report also includes the “Hess Low Carbon Transition Framework”, a framework that will guide the company’s emissions reduction plan. The framework provides information on the core components of the Task Force on Climate-related Disclosures (TCFD) guidelines namely governance, strategy, risk management, metrics and targets. The company’s risk management plan places a focus on scenario analysis, physical risk assessment and corporate reputational risk management. The company’s CEO John Hess said, “we believe climate risks can and should be addressed while at the same time meeting the growing demand for affordable and secure energy, which is essential to ensuring a just and orderly energy transition. Our strategy is to deliver high return resource growth, a low cost of supply and industry leading cash flow growth – while at the same time maintaining our industry leadership in ESG performance and disclosure”.
