Reducing GHG Emissions

At MOL Group, we consider GHG reduction as only being a single - although very important - aspect in the much broader fight against Climate change.

As an energy company processing natural resources and producing fossil fuels, reduction of GHG emissions, especially CO₂, has become an integral part of our business. We understand that carbon constraints imposed by ever stringent legislation are continuously changing the paradigm of our business and we are responding accordingly.

Legal compliance, achieved by the annual submission of verified CO₂ emission reports for our installations and the surrendering of a corresponding number of allowances has already become routine for us, but we go further. We are implementing energy efficiency programs at major divisions like ENRAC (Energy Rationalization) at Upstream, the EIFFEL Program at Refining, and the establishment of a Demand Management Team at Petchem, aiming at idea generation for reduction of CO₂ emissions. The proof that these programs deliver results is that we reduced CO₂ emissions in 2010 by 10%. We set for ourselves internal short-term, as well as long-term strategic reduction targets. In addition to corporate and divisional targets we have implemented GHG-related performance indicators into the individual appraisal schemes of business managers.

Key areas of focus which deliver GHG reductions are energy efficiency and energy savings, optimization of process control, elimination of energy losses and the reduction of flared and vented gases. We have an established emission trading structure managed by our subsidiary MOL Commodity Trading, through which we efficiently manage allowances with the aim of generating additional financial resources that can be used for turning our GHG reduction plans into reality.

We believe that our efforts will pay off twice in the future. On the one hand through our contribution to the fight against climate change and the reduction of our environmental footprint and on the other hand by improving the MOL Group position in a carbon-constrained economy.

More info on GHG emissions can be found in MOL Group’s Annual Reports: 2008, 2009 and 2010.