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Take urgent action to combat climate change and its impacts.
Climate change will remain a burning topic for the petroleum industry, as the sector is very energy-intensive and faces increasing pressure from both the public and the scientific community to reduce the greenhouse gas emissions. The industry is influenced by climate policies as its entire value creation chain, from production to refining and final consumption, has an environmental inpact.
NIS is committed to playing its part in addressing the climate change. The company has been working on a series of projects on its green agenda for a long time now. NIS is also working on raising the environmental awareness of its employees and encourages the application of the best available technologies in its investment projects. The company’s approach to counteracting the climate change is threefold: it implements environmental projects, conducts business initiatives with significant environmental effects and participates in environmental efforts of other actors.
In 2022, NIS successfully launcehed its TE-TO Pančevo power plant, the first gas-steam power plant in Serbia that generates both electricity and thermal energy from natural gas, which is an environmentally acceptable fuel. The new power plant uses state-of-the-art technology that guarantees energy efficiency. It will produce thermal energy for the Pancevo refinery and power that will be delivered into the Serbian grid. This is another way NIS contributed to Serbia’s energy stability.
NIS continues the implementation of the wind park project. Moreover, we plan to install 20 MW worth of solar panels on the premises of the Pancevo refinery, Novi Sad tank farm and other facilities.
In 2021, the Republic of Serbia passed the law on Climate Change , establishing a legal framework for monitoring, reporting and verification of greenhouse gas (GHG) emissions, while in 2022, the Decree on Types of Activities and Greenhouse Gases was adopted, which stipulates the obligation to obtain a GHG emissions permit for NIS units.
Since 2022 NIS, monitors and reports on GHG emissions on a quarterly basis, enhancing accuracy. NIS and its subsidiaries calculate GHG emissions according to the protocols for Scope 1 and Scope 2. Direct CO2 emissions (scope 1) amounted to 1,478,927.1 tons in 2022. GHG gas emissions from imported electricity and heat used by the Company and its subsidiaries in Serbia stood at 314,220.7 t tons of C02 equivalent.
Following the GHG Protocol, Scope 3 GHG emissions which include other indirect GHG emissions, in most cases resulting from the use of company products. In 2022, for the first time NIS calculated its scope 3 emissions (category 1 – purchased goods and services, category 2 – means of production (steel, cement), and category 11 – use of sold products). The result was 9,589,010 tons of CO2 equivalent.
To ensure accurate assessment of the company impact on climate change, NIS organized employee trainings on GHG emissions calculation and is working on establishing a GHG emissions monitoring and reporting system.
Reducing carbon intensity remainsa significant challenge going forward. Among other opportunities, NIS is considering projects in geothermal energy, green hydrocarbon, CO2 capture and storage in depleted oil and gas reservoirs.