Addressing Climate Change

Our priorities are providing affordable, reliable energy products while protecting the environment and tackling climate challenges.

We will help meet increasing global energy demands in affordable, reliable ways while also reducing emissions. Natural gas is critical to tackling the climate challenge as developing countries move away from coal and expand access to electricity for hundreds of millions of people. All countries deploy intermittent, renewable energy resources. In the U.S., increased use of clean, abundant natural gas has been the primary factor in reducing CO2 emissions from electricity generation to near 25-year lows.

We identify and manage potential risks and opportunities related to climate change as part of our ongoing enterprise risk management and business planning processes overseen by senior management and our board of directors. The full board receives regular updates on climate change-related issues, including risk management and greenhouse gas emission management and performance.

Our Approach to Climate Change Related Risks, a section of our Sustainability Report, describes how we have expanded our disclosures and aligned them to the Task Force on Climate-related Financial Disclosures' recommendations. This section also provides information on climate change-related governance, strategy, risk management, and metrics and targets.

In 2020, we linked the environment, social, and governance (ESG) performance to our employees' compensation. This builds on our previous moves to tie EH&S performance-related items to compensation incentives for senior managers and executives.

We are also collaborating with industry, government, and non-governmental partners to encourage others to reduce emissions and develop more effective technologies. Seabed is a charter member of the ONE Future Coalition, a group of companies that met its goal of reducing methane losses to less than 1% of total methane production across the natural gas value chain. We have also joined the American Petroleum Institute's Environmental Partnership, a group of U.S. oil and gas companies working together to address environmental challenges and further improve environmental performance in our industry.