Company Background:
Energy Technology Company (ETC) is a major oil field services provider based in the US, generating approximately $22 billion in annual revenue and employing about 55,000 staff worldwide. The company provides a comprehensive range of services and products for oil well drilling, formation evaluation, completion, production, and reservoir consulting, operating in over 120 countries with extensive research and manufacturing facilities globally.
ESG Goals:
ETC has committed to significant environmental, social, and governance (ESG) goals, with a major focus on environmental sustainability. A standout goal is the reduction of carbon dioxide equivalent emissions by 50% by 2030 and aiming for a 100% reduction by 2050 from a 2012 baseline.
KPIs and Strategic Initiatives:
To achieve these ambitious goals, ETC has set several key performance indicators (KPIs) and initiatives:
- Development of Carbon Capture and Storage Technologies: ETC is at the forefront of developing innovative solutions to capture and store carbon emissions effectively.
- Comprehensive Emission Reduction Metrics: These metrics track the company’s progress in reducing carbon emissions, enhancing energy efficiency, and improving corporate governance standards.
Key Value: 4P Consulting developed an Environmental Metrics Dashboard for ETC, designed to provide actionable insights and track progress across various sustainability metrics.
Components of the Environmental Metrics Dashboard:
1. Carbon Footprint: This component measures the total greenhouse gas emissions caused directly and indirectly by an organization, capturing all stages of the product or service lifecycle.
2. GHG Emissions: Focused on measuring greenhouse gases in terms of Carbon Dioxide equivalents to assess the Global Warming Potential (GWP) of the company’s operations.
3. Year-over-Year Variance in Resource Consumption: This tracks changes in the consumption of energy, water, and waste metrics, providing insights into the effectiveness of the company’s sustainability efforts.
4. Regulatory Compliance: ETC monitors both current and upcoming regulations to ensure compliance and proactivity in addressing environmental requirements.
5. Resilience Measures:
Overall Resilience: Evaluates the company’s preparedness for disruptive events and changing conditions.
Market Transition Resilience: Assesses readiness for regulatory shifts and market changes that could impact the industry.
Development Resilience: Focuses on new constructions, considering factors like land selection, exposure to extreme weather, and biodiversity.
6. Materials & Supply Chain Management: Ensures ethical and sustainable sourcing and disposal practices, including the use of certified sustainable products and ethical labor practices.
Outcomes:
Through these initiatives and the insights provided by the Environmental Metrics Dashboard, ETC aims to:
- Achieve substantial reductions in greenhouse gas emissions.
- Enhance energy efficiency and sustainability across its global operations.
- Maintain compliance with environmental regulations and standards.
- Foster resilience against environmental risks and market changes.
Conclusion:
ETC’s case study is a prime example of how technology and innovation can drive sustainability in the energy sector. By setting clear ESG goals, implementing robust tracking and management systems, and focusing on innovative solutions like carbon capture, ETC is positioning itself as a leader in sustainable practices within a traditionally high-impact industry.
