We are conscious of the need to set out our net zero pathway more clearly for our stakeholders, and to demonstrate real strategic progress in meeting those targets.
In doing so we must nevertheless be transparent that this is a journey that cannot be completed overnight, and requires us to assure all our stakeholders, including investors, that we as a business can successfully position ourselves through the energy transition, while continuing to deliver attractive returns and sustainable assets.
We set out our updated net zero pathway in September 2022 which commits to reducing Scope 1 and 2 CO2 emissions by 15% by 2025, 30% by 2030 and entirely by 2040 or earlier. The clear principles underpinning these targets are: Avoid, Reduce, Substitute, Sequester and Offset.
Our Net Zero pathway
Case Study
Our social contribution in Suriname 2023
NATIN Renovation project and asbestos removal
During 2023, Capricorn supported the urgent renovation works of a classroom block within the Institute for Natural Resource and Engineering Studies (NATIN), in Suriname. The proposed scope of work included an internal and external refurbishment of the classrooms, including the procurement of a new roof and guttering rainwater drainage system, the current being the cause of significant water ingress and damage.
Asbestos was identified by contractors sponsored by another oil and gas company, who are also supporting the redevelopment of the Natin Institute. The asbestos discovery triggered a full site assessment of the institute’s buildings with a prioritised removal plan. Capricorn therefore opted to split its CSR contributions to prioritise the removal of asbestos from NATIN's premises.
After completion of the asbestos removal, Capricorn’s remaining CSR contributions will go towards part funding the renovation and replacement of the multi-storey classroom block.
NATIN equipment upgrade phase two
As part of Capricorn’s ongoing support of NATIN, funding was also provided to allow the provision of up-to-date curricular material in addition to a range of classroom-based educational and health and safety equipment.
Mangrove rehabilitation phase two
For the last three years. we have worked with Suriname’s Anton de Kom University on a major mangrove rehabilitation project. This is designed to protect a section of coastline just north of Paramaribo that is particularly at risk from rising sea levels and erosion.
We have been progressing a second phase of the project in collaboration with a local international oil company, with combined investment of around $150,000. The project enables a hands-on case study for students to learn the concepts of hydrogeology and coastline ecosystems, in addition to experiencing the challenges and importance of protecting local communities and infrastructure from increasing sea levels and storm surges.
We have also supported the project with remote sensing data and satellite imagery to monitor the rehabilitation over time, and to inform future mangrove planting.