Our sustainability reporting highlights the increasingly sophisticated and streamlined data collection process we are using internally, and continues to provide a platform to assess current levels, trending and comparisons to industry peers. Our Performance Metrics include significant economic, environmental, social and governance measures, and are reported in accordance with the comprehensive option of the Global Reporting Initiative’s Standards.
Climate-related metrics include but are not limited to:
We use these and other metrics in several key ways to monitor our progress, including:
Climate-related performance feeds into our Corporate performance scorecards (STIP and LTIP Scorecards), which are used to assess overall corporate results and are major drivers in determining short and long-term incentives (bonus and share awards). Potential bonus is available to reward employees for personal contributions and achievement of organizational objectives. Environmental performance and performance against our peer group is a weighted component in annual bonus calculation and compensation reviews. Potential long term incentives are available to reward employees for achievement of long-term corporate objectives, promote sustained increases in shareholder value and drive achievement of long-term strategy. Performance against project goals and outcomes therefore impacts each employee's total compensation, including Vermilion's Executive Team.
As the external focus on environmental, social and governance ("ESG") matters and the energy transition continues to increase, particularly in the lead-up to the Conference of the Parties (COP 26) in November 2021, we are progressing the development of our comprehensive, long-term ESG strategy, based on the leadership position we have established in sustainability in the mid-cap energy space for more than a decade. This progress is reflected in our announcement of two new emissions-related targets. The first is our commitment to net zero emissions in our own operations, including Scope 1 and Scope 2 emissions, by 2050. This aligns with the objectives of many of our key stakeholders, including our governments and regulators, investors and communities. We are transparent that this is an aspirational goal, and that we will build the plan to achieve this target over time. There are significant inherent uncertainties in how the energy transition will accelerate over the next three decades. Our intention is to manage these by focusing on responsible production of essential oil and natural gas for as long as these forms of energy are needed, while developing opportunities in other areas that are an economic and synergistic fit for our business.
We also recognize the need to develop a clear pathway to our net zero goal. As the first step, we have set a second target, to reduce Scope 1 emissions from our operations by 15 to 20% by 2025, using a baseline year of 2019. This will be achieved, starting with our business units with higher emissions intensities, with an initial focus on efficiency, including process changes, venting reductions, instrumentation upgrades from gas to air and power efficiency options, along with improved metering and field measurements. Going forward, we will be setting new targets every five years, building on this foundation while exploring broader options. Our fully updated ESG strategy is expected to be in place by mid-2021.
Details of our progress against previous targets are provided in our Environment section.