PROTECTING OUR ENVIRONMENT
As a growing oil and gas explorer and producer, we recognise our responsibility to understand and respect the environment, to minimise our impact, and remediate areas affected by past activities.
Our Environmental Policy outlines our approach to operating in an environmentally responsible manner.
The environmental aspects of our operations are governed by strict regulations which are integrated into our operational procedures. Beach’s Health, Safety and Environmental Management Systems (HSEMS) and relevant operations manuals provide the framework within which our environmental responsibilities are managed.
Beach assesses the environmental and potential impacts of all activities prior to the commencement of a project and regularly engages with relevant stakeholders, including landholders, native title claimants, iwi and local government agencies, to ensure these activities are open and transparent.
Similar to health and safety incidents, all environmental incidents and near misses are recorded and reported through the Beach incident reporting system.
A range of industry specific key performance indicators such as number, type and volume of spills, number and value of regulatory fines, and greenhouse gas emissions numbers are used to measure the effectiveness of our environmental management systems.
ADDRESSING CLIMATE CHANGE
Climate change has been recognised as one of the major global challenges of this century.
The Paris Agreement in 2015 saw the world’s governments come together and commit to a mutual goal of preventing dangerous impacts of climate change by limiting global warming to below 2°C.
As a member of the energy industry, we not only have a significant role to play in managing our carbon emissions, but also have the capability (through our gas portfolio) to accelerate society’s transition to a low carbon future.
Natural gas, inherently, is a low carbon fuel as the CO2 emissions from combustion of natural gas are lower than those from other fossil fuels such as coal.
Beach’s expanding natural gas portfolio is strengthening the business’ position and will help it transition towards a low carbon economy while delivering cleaner, cheaper fuel to the market. The acquisition of Lattice Energy this year has further increased Beach’s exposure to the Australian east coast gas market.
Beach recognises that some of its stakeholders are increasingly interested in the potential impacts of climate change on the business.
In line with the Task Force on Climate related financial disclosures (TCFD) recommendations and acknowledging the shift in focus externally, Beach undertook a review to assess the longer term impacts of climate change on our operations, including risks and opportunities of the global goal of limiting global temperature increase to less than 2°C above pre-industrial levels.
The review also included modelling difference scenarios from the International Energy Agency’s World Energy Outlook report to get a clear understanding of Beach’s viability in a low carbon economy.
Following on from this phase of work, Beach plans to implement some of these recommendations over FY19.