The Board considers the potential impact of climate change in its oversight of the Company’s strategy. The Company recognises that human activity, including burning fossil fuels, is contributing to increased levels of carbon dioxide in the atmosphere that modelling suggests can lead to changes in the global climate. The Company recognises that society is transitioning towards a low-carbon future and supports this goal. As an oil exploration and production company, Buru Energy is conscious of the need to monitor the legislative responses to climate change and the ways in which the energy transition might affect the business of the Company. Even in the most ambitious energy transition scenarios, this shift will be gradual. Oil and gas will continue to play an important role in the global economy for decades to come, and new sources of oil and gas supply are required for a sustainable energy transition. The Company therefore continues with a strategy of monetising its oil and gas assets through exploration, appraisal, development and production, and continues to seek opportunities to integrate this activity with emerging renewable projects.
The Company is also actively seeking to reduce or offset its Scope 1 and Scope 2 emissions, particularly in ways that directly benefit the Kimberley community.