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Management system

Management system

According to the Company, its mission is to supply the global economy with the most efficient fossil energy resources, focusing on the reduction of carbon footprint resulting from their production.  In furtherance of the said mission, it has set three climate strategy objectives, and designated related goals and tools.

Mission: “Responsible hydrocarbon producer”

Task 1Task 2Task 3
Continued development of the main business Reduced controlled emissions of greenhouse gases (Scope 1 and Scope 2)Involvement in climate initiatives and promotion of climate-related opportunities
Focus on efficiency Adoption of the conservative oil price and domestic carbon price scenario, while making investment decisions

Energy efficiency improvement

RPS energy consumption growth

Carbon capture and storage projects

Asset portfolio optimization

GHG reduction technologies

Development of the regulatory framework in Russia

RPS commercial power generation 

Study of low-carbon energy resources (biofuels and hydrogen)

Reforestation

 

One of the priorities listed in the 21st Century Health, Safety, and Environment Policy of the LUKOIL Group is mitigation of the footprint of the Company’s business on climate through application of the best available technology, as well as assumption of an obligation to continuously improve its climate performance, and evaluate the risks associated with such footprint in the course of planning.

System of Managing Climate Change Issues

The climate change issues are monitored at the level of the Board of Directors and are within the scope of competence of the Committee of Strategy, Investment, Sustainable Development, and Climate Adaptation under the Board of Directors. The officer assigned responsible for climate change with the Company is Mr. L.A. Fedun. PJSC LUKOIL has established a decarbonization and climate change adaptation task force lead by the First Executive Vice President V.N. Vorobyev. The Company set up a business unit responsible for day-to-day management of greenhouse gas emissions and decarbonization issues of the LUKOIL Group.