CEO Message
Enabling a Sustainable Future
The 2021-2022 sustainability report, titled “Legacy of Progress”, coincides with Crescent Petroleum’s 50th anniversary. The milestone offers an occasion to reflect on our progress and accomplishments over the past five decades. Additionally, it provides an opportunity to look ahead to reinforce our commitment to build social sustainability and empower the communities where we operate.
Majid Jafar
Chief Executive Officer
Materiality Matrix
We have conducted a detailed materiality assessment to help us verify focus areas, reveal opportunity areas, and prioritize sustainability topics that matter most to our company and our stakeholders. Understanding the most critical sustainability challenges, risks, opportunities and impacts is central to our sustainability strategy. The materiality assessment process is aimed to align with the GRI stakeholder inclusiveness and materiality priorities and includes the following steps:
Identify
Issues
Consult with internal business units to review the topics that impact their individual functions. Other sources used to identify issues include external stakeholder engagements, peer benchmarking, sustainability rating agencies, and key sustainability standards.
Categorize and
Prioritize Issues
We categorize the issues identified and assess their respective relevance or impact on the business and our stakeholders.
Check and
Confirm Issues
Prior to finalizing the assessment, we review the list of issues and their ranking with senior management and a select group of external stakeholders.
Disclose the Process
and Outcomes
In the interest of transparency, we outline our materiality assessment approach and outcomes in this report.
The below diagram outlines Crescent Petroleum’s material sustainability issues for 2021 according to their impact on our stakeholders and our business:
- Greenhouse gas emissions
- Transition to lower carbon energy market
- Energy use, energy efficiency
- Water management
- Waste management
- Effluent management
- Biodiversity
- Security practices
- Engagement with local communities, social performance initiatives
- Localisation and job creation
- Diversity and human rights
- Occupational safety
- Training and capacity building of employees and local contractors
- Process safety, asset integrity, and emergency preparedness
- Anti-corruption, bribery
- Compliance with regulations
- Information security
- Achieving financial targets, market presence
- Customer satisfaction, marketing
- Risk management
- Research and development, and innovation
- Internal engagement
- Procurement practices
2021-2022 PERFORMANCE HIGHLIGHTS BY PILLAR
PILLAR I
Delivering on our Promise
We believe that good corporate governance creates a business environment conducive to sustained economic growth, promotes the long-term interests of our stakeholders, and helps build trust in our company. As responsible stewards, we are committed to positively affecting the communities where we live and operate. We also encourage our employees to be agents of change and seek to partner with organizations in our communities and support them in meaningful ways.
PILLAR II
Our Commitment to the Environment
We believe that good environmental performance is good business. Protecting and preserving the environment is foundational to our operational strategy and is a deep-rooted principle at Crescent Petroleum. We recognise the impact of carbon emissions on climate change and support the goals of the Paris Agreement.
PILLAR III
Ensuring our Teams’ Health and Safety
We aim to create a safe and healthy work environment in which the wellbeing of all employees, contractors and partners supersedes all other considerations, both as a good citizen and as a matter of good business.
PILLAR IV
Empowering Our Teams
Crescent Petroleum invests in our employees at every level, helping them to achieve their greatest potential and empowering them to collectively strive towards company objectives of long-term growth and sustainability. We value the diversity that each employee contributes and offer opportunities for them to advance and become leaders of their teams and within our organization.
