Highlights from Our 6-Year Sustainability Journey
We began our formal sustainability journey in 2015 and published the first sustainability report in 2016. The journey has since progressed with each year, embracing industry best practices in our daily operations and strategy, while protecting the environment and positively impacting the economy and the communities where we operate.
A few of the highlights from our past sustainability reports include:
2015: Energizing Growth
- Launched Crescent Petroleum’s inaugural sustainability report aligned with GRI G4 reporting guidelines.
- Assessed and adjusted the security matrix implemented in 2014, as part of a campaign to strengthen safety and security protocols at our operations in the KRI.
- Launched the Centre for Economic Growth in 2014 as an Abu Dhabi-based collaboration with Insead, one of the world’s top-ranked business schools, and various private sector companies in the Middle East, to foster private-public sector dialogue with regional thought leaders on youth unemployment, employable skills, and driving economic growth with timely, independent data and economic research on the region.
2016: Responsive and Resilient
- Published second annual sustainability report, which identified the four key priority areas of our sustainability framework for the coming years.
- Increased focus on local procurement and spending, with over half (54%) of our procurement budget targeting local companies and organizations.
- Conducted a supplier engagement survey to help evaluate and improve supply chain performance.
- Launched an interactive online system to support employee performance evaluations and career development.
- Developed several policies regarding inclusion, equal opportunities, and a healthy working environment.
- Formalized “Second Step” reporting system as an essential risk management tool to promote and maintain our culture of safety
2017: Partnering for Prosperity
- Launched third sustainability report, in line with GRI Standards.
- Developed an Asset Integrity Management System to identify Safety Critical Elements.
- Partnered with AMAR International Charitable Foundation, a United Kingdom-based charity that provides professional healthcare, education and training to conflict-affected communities in the Middle East. Our support helped fund the operations of a primary healthcare centre and vocational training institute in Khanke, at the outskirts of Dohuk in the KRI, impacting more than 18,000 internally displaced people (IDPs).
- Supported the Relay for Life, the first 24-hour cancer fundraiser in the region led by the Friends of Cancer Patients.
- Partnered with Chatham House to support research and thought leadership related to the regional energy landscape and policies promoting the efficient use of natural gas.
2018: Energy with Impact
- Published fourth sustainability report, reinforcing Crescent Petroleum’s sustainability journey with assurance by EY per ISAE 3000 Standard.
- Enlisted PwC to lead a detailed impact assessment to evaluate socioeconomic and environmental benefits generated in the KRI. Key findings from the assessment included: between 2008 and 2017, our operations saved the KRI approximately $19.2 billion by replacing diesel with natural gas for power generation, enabling the KRG to avoid 29 million tonnes of CO2 emissions, and the capital we invested had an employment effect of 20,000 jobs (4,000 of which were direct employment).
- Completed multiple studies to assess potential water conservation and reuse opportunities in the KRI.
- Launched the Community Action Program to support the KRI’s development per the UN SDGs.
2019-2020: Empowering Resilience
- Launched fifth sustainability report, reinforcing alignment of our sustainability efforts to UN SDGs.
- Sponsored 2019 Special Olympics World Summer Games in Abu Dhabi.
- Partnered with Edraak, the Arab world’s leading platform for Massive Open Online Courses (MOOCs), to develop a series of free online career readiness classes to help bridge the gap between the skills acquired during school and those required for job readiness.
- Committed to WEF Stakeholder Capitalism Metrics.
- Supported KRG’s COVID-19 mitigation efforts, including donations of equipment and supplies to hospitals and medical institutions.
- Launched The Career Readiness Specialization, which aims to equip young people entering the work force across the Middle East with the language, computer and communication skills required in the modern workplace.
- Sponsored Chatham House to support the Iraq Initiative, a fieldwork-based policy initiative that aims to support institution-building and policy development in Iraq to encourage stronger governance and policy and empower economic growth and development.