CLIMATE OVERVIEW

Low carbon fuels

Decarbonisation

Backfill and sustain

2022

Our Corporate Strategy

We have a well-defined plan that focuses on maintaining and backfilling current infrastructure, decarbonizing operations, and investing in the technologies required to create the next generation of low-carbon fuels

UST RESOURCES LLP has a clear strategic focus that includes investing in technologies for future low carbon fuels, decarbonizing operations, and maintaining and backfilling existing infrastructure.

Decarbonization Initiatives: UST RESOURCES LLP Energy Solutions (SES) is a key player in the organization's long-term decarbonization plan, which focuses on investments in cutting-edge technology to provide low-carbon fuels, operational efficiency, and carbon capture and storage projects.

UST RESOURCES LLP's financial commitment to climate action is demonstrated by the substantial investment of roughly $70 million in 2023 on our Climate Transition Action Plan (CTAP) initiatives. Over the next ten years, there is a possibility of up to $2 billion in energy efficiency, decarbonization, low carbon fuels, and nature-based offset projects.

CCS's Crucial Role in Reaching Net Zero: Carbon Capture and Storage (CCS) is a crucial component of decarbonization, and the technology is regarded as advanced and commercially accessible. In light of the increased worldwide momentum for CCS projects, the IEA highlights the need of CCS in capturing a sizable amount of CO2 by 2030 and 2050 in order to reach Net Zero emissions.

2030

2040

2050

Reporting our progress

UST RESOURCES LLP has been releasing yearly climate change reports since 2018 that follow the guidelines set forth by the G20 Task Force on Climate-related Financial Disclosures (TCFD). Refinery' climate transition strategy and action plan are detailed in the most recent 2023 Sustainability and Climate Report

Methane and flaring

Methane is acknowledged as a potent air pollutant and greenhouse gas that accounts for 30% of the current warming. One of UST RESOURCES LLP's main priorities is lowering methane emissions. Methane emissions make up around 9% of our overall Scope 1 and 2 emissions, which we continuously assess and track.

We are able to report the following thanks to our methane surveys, continuous evaluation, and preventative efforts:

We reduced our methane emissions by 6% in 2023 compared to 2022, which included