ESG (Environmental, Social, Governance) is everywhere: the media, industry updates and boardroom strategies. But, in many ways, these three letters (words) still cause intense confusion.
It’s worth leaning in and participating in the ESG movement because, unlike the volatile oil price and economic repercussions of the pandemic, you CAN control your ESG rating with a proactive strategy!
According to Bloomberg (rating agency), they consider 8 categories when calculating an Oil & Gas company’s Environmental section of their ESG rating:
- Air Quality
- Climate Exposure
- Ecological Impact
- Water Management
- Energy Management
- Wastewater Management
- GHG Emissions Management
- Hazardous Waste Management
Our previous article posed the question: Can software solutions improve 88% of your Environmental pillar in ESG?
The most obvious benefit from our remote monitoring software is drastically cutting down on pollution caused by travelling. This directly impacts 4 of the 8 Environmental categories: Air quality, climate exposure, ecological impact and GHG emissions.
Now let’s focus on how specific benefits of automated software impact certain ESG categories, which affect your ESG risk rating.
Our software can monitor any emission type if your site has a corresponding transmitter in place. This is a vital feature, especially for monitoring the corrosive effects of various natural gases to minimize the most harmful emissions.
Accurate measurements are also vital for ESG reporting, as your GHG (Greenhouse Gases) disclosure cannot merely be estimated.
Climate Exposure and Ecological Impact
Our intuitive software notifies you of any irregularities in your pipelines, flagging your most at-risk areas to allow early intervention and prevent potential pollution and spills. For example, stuffing box leak detection enables leaks to be contained in a special release area within your site, preventing damage to the environment.
Water and Wastewater Management
By using our multi-layered GIS (Geographic Information System), you’ll know precisely where any pipelines either cross or are near rivers, lakes, groundwater, flood zones or infiltration areas. This crucial information, combined with soil types and surface slopes, helps assign pipeline risk to each section, allowing your team to schedule timely maintenance or replacements before a potential pipeline break.
Remote monitoring of hazardous wastewater storage tanks means easy scheduling for trucks and tankers as needed. This reduces unnecessary checks that would have resulted in wasted resources and funds and also prevents a disastrous wastewater overflow.
Our system at heart is energy-saving in multiple ways. Remote measuring and reporting provide accurate data on the quantity and quality of gas produced while allowing you to remotely control production for a smooth operation. You can also easily manage your natural gas separating process by remotely adjusting the valves that control pressure.
GHG Emissions Management
If flaring is part of your operation, our software remotely monitors the process by tracking the temperature and flame, making sure that the gas will be ignited when released. By receiving a notification if the flame is not lit, as well as the status of the igniter, your team can make split-second decisions to prevent unnecessary gas leakage into the atmosphere.
Improving your ESG rating sends ripples of success through your entire operation. Studies show that companies with a good ESG score benefit from higher returns, lower risks and greater resilience during a crisis such as the current pandemic.
Take control of your ESG journey and embark on your sustainable future with Critical Control!
If you’re ready to invest in the future of your Oil & Gas company, contact our team of professionals to arrange a free consultation and demo.