Union Jack Oil strives to understand their impact on the environment and with the people that they engage and work with. We are focused on providing economic benefits to the areas in which we work, and contributing to the energy security and supply of the countries in which we are based.
To increase our awareness we have voluntarily chosen to undertake a double materiality assessment, utilising the Global Reporting Initiative (GRI) 11: Oil and Gas sector specific guidance (see https://www.globalreporting.org/media/0e3nzjr5/oil-gas-sector-standard-leaflet.pdf and associated documents for more information).
Union Jack Oil Materiality Matrix – building an understanding of our company impacts, risks and opportunities
Our matrix has been determined through evaluation of the 22 GRI 11 topics following the general advice and approach as outlined in the European Financial Reporting Advisory Group (EFRAG) guidance (https://www.efrag.org).
This approach requires careful consideration of our stakeholders and the environments in which we work. For each of the topics, we have first considered the external impacts, risks and opportunities, and then assessed the financial opportunities and risks to our company.
As a non-operator for the assets in which we are involved, the control over these impacts, risks and opportunities can be somewhat limited, however we are focused on
working with all of our partners to deliver the best outcomes possible for all involved.
- GHG emissions
- Climate adaptation, resilience, and transition
- Air emissions
- Biodiversity
- Waste
- Water and effluents
- Closure and rehabilitation
- Asset integrity and critical incident management
- Occupational health and safety
- Employment practices
- Non-discrimination and equal opportunity
- Forced labor and modern slavery
- Freedom of association and collective bargaining
- Economic impacts
- Local communities
- Land and resource rights
- Rights of indigenous peoples
- Conflict and security
- Anti-competitive behaviour
- Anti-corruption
- Payments to governments
- Public policy
Key focus areas for Union Jack Oil
As a result of our double materiality assessment and the areas for which we have most control as a non-operator of the assets, we have identified 4 key areas of focus for the ESG and broader sustainability focussed work we take forward. These have been chosen as topics where we believe we have the greatest capacity to make improvements or to reduce/mitigate potential negative impacts.
- GHG emission reduction (11.1)
- Biodiversity and nature (11.4)
- Climate Adaption, Resilience and Transition (11.2)
- Local Communities and Economic Impacts (11.15, 11.14)
Combining our material topics with our focus areas, we have selected 5 UN Sustainable Development Goals to associate our efforts with. These cover the three pillars of environment, social and governance and we will further develop our awareness, data gathering and progress towards these over time and as our company grows.
UN SDG definition
“Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”
“Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”
“Ensure sustainable consumption and production patterns”
“Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss”
“Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels“
UJO ambition
Ensure we provide a safe, equitable and rewarding place of work, which benefits the communities with whom we interact.
Utilise new technologies and approaches to energy production and foster new ideas within our company.
Encourage our operating partners to reduce emissions and other waste sources as much as possible across our joint assets.
Encourage our operating partners to understand and respect the interactions with nature and biodiversity across our joint assets
Ensure our operating policies and procedures enable fair working approaches both internally and with all of our stakeholders.
“Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all”
Ensure we provide a safe, equitable and rewarding place of work, which benefits the communities with whom we interact.
“Build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”
Utilise new technologies and approaches to energy production and foster new ideas within our company.
“Ensure sustainable consumption and production patterns”
Encourage our operating partners to reduce emissions and other waste sources as much as possible across our joint assets.
“Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss”
Encourage our operating partners to understand and respect the interactions with nature and biodiversity across our joint assets
“Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels“
Ensure our operating policies and procedures enable fair working approaches both internally and with all of our stakeholders.