Frontier Energy outlines ESG credentials in latest sustainability report

In a retrospective report on its sustainability activities for 2023, Frontier Energy (ASX:FHE) has outlined its steps towards removing 218,500tn of CO2 equivalent from the atmosphere per year.

“Frontier is well-positioned to become a major contributor in assisting Western Australia reach [its climate] targets, as highlighted by the Stage One Definitive Feasibility Study for our Waroona Renewable Energy Project,” Frontier Sustainability Committee Chair Amanda Reid said.

Reid was referring, specifically, to state-level climate legislation introduced in 2023.

“[The Waroona] Project is a 120MW solar facility with an integrated 80MW four-hour battery … this would reduce carbon emissions from the [WA grid] by approximatively 218,500t CO2-e per year compared to emissions in February of 2024,” Reid added.

“This is enough energy to power over 41,500 households per year.”

Of course, this is a response to a far larger macroeconomic problem that most companies aren’t so overt in discussing – the reality of accelerating climate change.

For any readers who feel the urge to send a terse email to this journalist – and you’re welcome to do so – consider that we had 29 natural disasters in 2023 affecting 20% of all Local Government Areas (LGAs).

There’s also the fact many insurers no longer cover homes north of the Tropic of Capricorn.

Notably, the company was honest in its assessment of the Australian climate. Frontier noted that temperatures are on average warmer by 1.48C since 1910, and, that oceans have warmed 1C since 1900 and are now more acidic on average.

Frontier also acknowledged longer and more extreme bushfire seasons on average since the 1950s, a decline in winter rainfall since the 1970s.

Ultimately, Frontier wants to position itself to drive progress towards the most imminent target in the Climate Change Act 2022 – a reduction of GHG emissions to 43% below 2005 levels, by 2030.

“We acknowledge the urgency of addressing climate change and are committed to developing renewable energy projects that create long-term sustainable value,” the company wrote on Thursday.

“Frontier’s development strategy aligns closely with Australia’s renewable energy targets aimed at reducing greenhouse gas emissions.”

FHE last traded at 39cps.

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