In a bid to position itself for a net-zero world, Tamboran Resources Ltd (OTC:TBNRF) (ASX:TBN) has released its first climate change report structured to align with the Taskforce on Climate-related Financial Disclosures (TCFD) framework.
The TCFD report outlines the company’s strategy to respond to climate change, achieve net-zero equity scope 1 and 2 greenhouse gas (GHG) emissions from first commercial production and play a leading role in the energy transition as a reliable supplier of natural gas.
Tamboran is the largest acreage holder and operator with about 1.9 million net prospective acres in the Beetaloo Sub-basin within the Greater McArthur Basin in the Northern Territory of Australia.
The company is focusing on playing a constructive role in the global energy transition towards a lower carbon future, by developing a significant natural gas resource within the basin.
#ASXNews$TBN.AX has released its first Climate Change report. The Report is structured to align with the Task Force on Climate-related Financial Disclosures (TCFD) framework & outlines #TBN’s strategy to respond to climate change.View the report: https://t.co/sqVyVSHCQy#ASX pic.twitter.com/A91QSkyeXO
— Tamboran Resources (@Tamboran_TBN) December 19, 2023
“Net-zero world”
Tamboran managing director and CEO Joel Riddle, said: “We are pleased to share our 2023 TCFD Climate Change and Net Zero Report.
“Tamboran’s TCFD report explains how we are positioning the company for a net-zero world, how we are committed to developing our Beetaloo Basin project to be Net Zero Scope 1 and 2 GHG from first commercial production and our belief in the resilience of a low-GHG intensity natural gas portfolio.
“The report explains how we manage our climate risks and how we plan to seize the opportunities presented by the energy transition.
“We believe that in a decarbonising economy, natural gas with low reservoir CO2 produced by a company with net-zero targets should be prioritised for development."
Beetaloo - a Net-Zero Scope 1 gas basin.
Tamboran says that the recent reforms to Australia’s Safeguard Mechanism should give investors and stakeholders confidence that the Beetaloo Basin is indeed a Net-Zero Scope 1 gas basin.
It expects its climate change risks and the scenarios it assesses will continue to evolve as countries legislate for, and “ratchet up” their Paris climate change commitments.
Tamboran is committed to using a range of indicators to monitor this evolving global landscape and identify early signals of likely decarbonisation pathways.
Monitoring these pathways should provide insights into how actual data compares to what published scenarios and targets expect.
Riddle adds: “Over the past year, we have adopted a standalone Climate Policy, introduced an internal carbon price, developed GHG forecasts for our projects, increased the volume of carbon offsets in our portfolio and added to our climate change team.
“Over the next year, we look forward to progressing the development of our Net-Zero equity Scope 1 and 2 Beetaloo natural gas project, exploring new opportunities presented by the energy transition and, importantly, sharing this journey with all our shareholders and stakeholders.”