Our ESG strategy aims to take advantage of our technological competence to develop more environmentally sustainable industry solutions and improve the value of our technology processes to stakeholders. This strategy has even helped us to shift the direction of the company’s core business. However, we will not stand still in our desire to take the company forward. Through innovation such as our HCCO®process, we are looking at transformational goals which seek to make changes across the entire value chain – and even society.
The environmental element in the ESG equation focuses on how we act as stewards of the environment. Environmental stewardship is an increasingly significant driver of corporate value.
From an environmental perspective, our HCCO® process:
- Captures the CO2 emissions from production for use in sequestration or enhanced oil recovery
- Is both energy and water self-sufficient
- Promotes concurrent reclamation, without the need for tailings or tailings ponds
We recognize that:
- We have to constantly evaluate how we use our natural resources assets and how their use impacts the environment
- Responsible and effective management of environmental factors is critical to building and retaining a positive relationship with the local community, state, national and global authorities; and
- We must work tirelessly to not only assess and improve our ability to operate our business successfully today, but also develop strategies for potential long-term environmental disruptions and opportunities
We will always act to be a valuable supporter of and contributor to the State of Utah and local communities in which we operate.
To this end, Red Leaf endeavors to provide:
- Stable, long-term employment to residents of Uintah County
- Royalties from our oil shale project to fund public education through the School Institutional Trust Lands Administration
We are also working to develop ‘green’ extraction and production of the rare earth elements contained within the same deposit as our oil shale resource. This will provide a viable domestic source of these materials which are vital for use in a wide range of products and industries, including in smart phones, LED lights and computer monitors, as well as in emerging green technologies, aerospace and military and national security applications.
Good corporate governance is about effectively supervising the management of our business so that we uphold the company’s integrity, achieve more open and rigorous procedures and, most important ensure legal compliance across every expect of our operations.
- We will continue to operate our business whilst meeting the highest standards of governance
- We work with the state of Utah to ensure our projects meet or exceed their permitting criteria
- We will continue to develop and incorporate ESG best practices throughout our operations
The need to address the three elements that comprise environmental, social and governance (ESG) is now very much an existential issue for energy companies around the world. Businesses are being driven to adapt their operating models by integrating ESG into their core functions. If not, their future is uncertain.
As authorities worldwide look towards net-zero targets, assets risk becoming stranded unless new technologies create new ways of operating to meet environmental targets. But, as well as meeting global imperatives, we cannot lose sight of the fact that companies operate in communities, so must ensure that social responsibility is to the fore.
The third strand of ESG, governance, examines how a business polices itself – focusing on internal system controls and practices to provide compliance. Governance focuses on transparency, industry best practices, organization management and associated growth initiatives. Good governance demonstrates to investors that the business is organized and well placed to work in their best interests, creating long-term shareholder value.
At Red leaf, we strive to be a leader in every aspect of our ESG initiatives – developing products that aid the energy transition and the move towards net-zero; working with and for the local communities in which we operate; all the while adhering to the highest standards of corporate governance.
Read on to learn more about some of our ESG highlights.