Total
0
Shares
Strike Energy (ASX:STX) - Managing Director & CEO, Stuart Nicholls - The Market Herald
Managing Director & CEO, Stuart Nicholls
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Strike Energy (STX) has committed to net zero emissions by 2030 as the need for more sustainable industries continues to grow
  • The target applies initially to Scope 1 and 2 emissions — those either produced directly by Strike, or which come from secondary processes
  • All of these emissions will be offset by Project Haber — a fertiliser production facility near Geraldton, Western Australia
  • The company said it would then look to reducing Scope 3 emissions — carbon output that comes from sources beyond the company's control
  • Shares in Strike Energy are currently steady at $0.37

Strike Energy (STX) has committed to net zero emissions by 2030 as the need for more sustainable industries continues to grow.

The Perth-based company said it "aspires to drive the energy transition for Western Australia" using a ground-up approach that focuses on domestic manufacturing of otherwise energy-intensive products as well as renewable power.

The target applies initially to Scope 1 and 2 emissions — those either produced directly by Strike, or which come from secondary processes, like the purchase of electricity.

At the core of Strike's operations is the Greater Erregulla Gas Project, which has been targeted for first gas production by early 2023. An initial phase of development is anticipated to emit 48,000 tonnes of carbon dioxide equivalent each year, while market-based offsets will be acquired until around 2025.

A second phase will include domestic gas sales and will result in an extra 180,000 tonnes of carbon dioxide annually.

All of these emissions, Strike says, will be offset by Project Haber — a fertiliser production facility near Geraldton, Western Australia. The project will be capable of reducing carbon dioxide emissions by between 650,000 and 795,000 tonnes each year, according to a report by advisory firm ACIL Allen.

"Should the company achieve success through its Mid-West Geothermal Project, it would possess sufficient offsets to meet its aspirations of being Australia's first net zero energy company across all of its Scope 1, 2 and 3 emissions," said CEO and Managing Director Stuart Nicholls.

"This will create additional value as our net zero emissions energy attracts premium pricing from industrial energy consumers who are making their own transition to a lower carbon future."

Strike added that those reductions in Scope 3 emissions — carbon output that comes from sources beyond the company's control — are likely to take longer than the others, and as a result has not yet set a net zero target for the category.

Its Board of Directors said the target is a core part of the company's identity, and will therefore implement short-, medium- and long-term remuneration targets to bolster the pursuit of net zero emissions.

Shares in Strike Energy are currently steady at $0.37 as of 10:40 am AEST.

STX by the numbers
More From The Market Herald
Zeus Resources (ASX:ZEU) - Chairman, Dongfeng Zhang - The Market Herald

" Zeus Resources (ASX:ZEU), WA uranium play, soars after engaging offshore ‘consultancy’ linked to secretive WhatsApp investor group

Part Chinese Communist Party-owned uranium play Zeus Resources’ (ZEU) share price soared more than 100 per cent early this week after engaging a
State Gas (ASX:GAS) finds gas-bearing coal at second Rougemont well

" State Gas (ASX:GAS) tables new project after identifying coal seam gas play

Results from State Gas (GAS) Rougemont-2 well testing have given way to a potential coal seam gas play within its Rolleston-West Project in
Fremont Petroleum (ASX:FPL) ups oil sales forecast by 59pc

" Fremont Petroleum (ASX:FPL) ups oil sales forecast by 59pc

Fremont Petroleum (FPL) is expecting its oil sales to exceed 20,500 barrels of oil for the June quarter.
Brookside Energy (ASX:BRK) progressing well pad construction at Anadarko Basin, Oklahoma

" Brookside Energy (ASX:BRK) set to start Jewell Well operations

Brookside Energy (BRK) has seen its production casing string successfully landed, set and cemented in preparation for the start of operations at its