Our commitment to pursuing Best-in-Class HSE is also a commitment to pursuing continuous improvement in all that we do. In addition to continuing to build processes to meaningfully track and understand our sustainability impacts, we are committed – wherever possible – to use processes that will reduce our environmental impact.
Our focus on environmental stewardship places emphasis on four main areas for continuous improvement:
We have quantified the risk associated with our key environmental impacts for each business unit utilizing the Corporate Risk Management process. We use this process to assess implications and identify measures that are required to limit or reduce risk and potential liabilities to an acceptable level. This is in addition to our use of Vermilion’s Corporate Risk Matrix to assess other types of risk, including operational, environmental, regulatory compliance, and reputational risk. G4-EC2
We assess risk based on the anticipated impact severity and subsequent probability of an event occurring in consideration of human, environment, financial and social license to operate factors. We take a multi-stakeholder approach to risk assessment, including both internal (Board of Directors, Executive, Staff), and external (Landowners, NGOs, investors, the general public, industry groups) parties.
We proactively conduct operational and engineering reviews aimed at increasing efficiency, and reducing the emissions and monetary expenditure requirements at major facilities.
We have undertaken a GHG Quantification Methodologies study and Carbon Liability Analysis for our business units in Canada, France, The Netherlands and Australia. The Carbon Liability Analysis factors in a number of potential regulatory, price point and taxation changes that are possible in the near term. These documents detail the current emission generating activities (Scope 1, 2, 3) and the liability and risk associated with the carbon footprint of operations in each BU. We complete fugitive emission surveying annually, and we comply with all regulatory reporting requirements relating to emission reporting and reduction.