Traditionally celebrated on 15 May, Climate Day is an initiative that aims to draw worldwide attention to the problem of global warming.

The Company’s key strategic goal is to achieve carbon neutrality by 2050. Rosneft aims to remain a reliable producer while minimising its impact on the climate and the environment.

The Rosneft 2030 Strategy sets out the Company’s targets to reduce Scope 1 and 2 greenhouse gas emissions by 5% by 2025 and by 25% by 2035. The strategic goals are to be achieved through measures to reduce emissions, low-carbon power generation, development of energy-saving technologies, carbon capture and storage technologies, use of natural sequestration potential and others.

Introducing energy-saving technologies and equipment and optimising energy costs are key areas of the energy-saving programme. As part of the energy saving programme, the Company saved 326,000 tonnes of fuel equivalent, or over 6 billion roubles, in 2022.

In addition to using advanced technologies to reduce greenhouse gas emissions, the Company intends to use mechanisms to offset the portion of emissions that cannot be avoided in its operations. Such mechanisms include measures to increase CO2 sequestration in forests.

Rosneft launched a large-scale environmental forestation project in the Krasnoyarsk Territory last year, with a total sink potential of 10 million tonnes CO2e. The project aims not only to make a significant contribution to combating climate change, but also to provide a methodological and regulatory framework for the development of climate projects in Russia. The Company’s partners in this area are the Krasnoyarsk Territory Government, the St Petersburg State Forestry University and the Siberian State University. In addition, the Company signed a cooperation agreement with the Federal Forestry Agency in 2022 to implement environmental forestation projects.

With Rosneft’s support, specialists from the St Petersburg State Forestry University and SFU developed proposals for various types of environmental forestation projects recommended for implementation in the region, based on international practices.

The environmental forestation project will complement the Company’s regular reforestation activities. In 2020-2022, Rosneft and its subsidiaries’ employees planted over 18 million seedlings of various species.

CO2 sequestration and storage is one of the key technologies for reducing emissions. The technology involves capturing the carbon and then injecting it into deep rock formations, ensuring safe and permanent storage.

The Company’s experts are currently investigating opportunities for carbon sequestration, utilisation and storage projects on the Company’s licence areas. It considers potential geological sites for underground storage of CO2, estimates potential CO2 injection volumes, and makes preliminary economic and technological assessments of the projects.

Rosneft is prioritising the reduction of methane emissions, a greenhouse gas with a global warming potential far greater than that of carbon dioxide. From 2020, the Company is implementing a comprehensive programme to detect and eliminate fugitive sources of methane emissions. The programme includes aerial monitoring activities for production facilities using UAVs, as well as ground-based monitoring techniques. This year, the programme will be expanded to include 26 enterprises.

Rosneft
 Information Division
May 15, 2023

Keywords: Environmental news 2023