Crestwood targets key carbon management opportunities
US midstream company Crestwood Equity Partners said January 24 it had developed a carbon management plan and three-year sustainability strategy which targets improved methane monitoring, achieving certification of its midstream natural gas operations and investments which target Scope 1, 2 and 3 emissions reduction.
This marks Crestwood's second three-year sustainability plan outlining its ESG and sustainability initiatives through 2024.
After a recent material assessment with input from key stakeholders, the company identified key carbon management opportunities to reduce ESG risk.
The plan details near-term emissions reduction activities and mechanisms to achieve commitments that the company intends to implement.
"This three-year plan highlights our leading MLP midstream approach to sustainability as we follow our authentic path of committing to year-over-year emission intensity reductions while seeking new opportunities to prudently grow our organisation and incorporate those assets into our leading sustainability practices," said Crestwood CEO Robert Phillips.
"We believe that oil and natural gas will play a significant role in the future, but we also recognize that our industry needs to evolve in a lower-carbon future," he added. "Mitigating climate change means taking a pragmatic approach to what's feasible today, and Crestwood is focused on promoting cost-effective, practical and realistic emissions reduction practices that deliver long-term value to our unitholders."
Crestwood's carbon management plan includes a commitment to reduce annual GHG and Scope 2 emissions with pilot projects for continuous methane monitoring and the development of responsibly-sourced gas (RSG) standards for the midstream sector. The company also plans to invest in technology to go beyond federal US emissions factors and develop emissions calculations and data for Scope 1, 2 and 3 GHG emissions in a detailed series of eight commitments.
"This carbon management plan demonstrates to our stakeholders the actionable goals that Crestwood will implement by 2024 in addition to supporting our customers in achieving their low carbon goals by providing reliable midstream capacity," said Joanne Howard, Crestwood's senior Vice President, ESG and corporate communications.