Sustainability

Sustainability is a foundation of our new strategy. We believe creating value for our stakeholders more widely – including society, our employees and our shareholders – is key to the long-term resilience and value of our business. That is why, when developing our strategy last year, we underpinned it with a sustainability frame to translate our purpose – to reimagine energy for people and our planet – into action. The sustainability frame does this by connecting the business opportunity of the energy transition with societal needs and the environment. It builds on our group’s values and commitment to sustainability over many years and focuses on three areas where we believe we can make the most difference: get to net zero, improve people’s lives and care for our planet, each underpinned by concrete aims. Building for the future In his letter, Bernard talks about our progress so far, and I would like to share some details of our path forward. In addition to the 10 aims we set out a year ago to support our net zero ambition, we now have 10 more to link our actions to a broader set of societal issues – five for people and five for the planet. These are leading aims, for example: becoming a water positive company ; advancing a just transition that supports workers and communities; and putting our biodiversity position into action with targets for delivery. Some of these aims are more mature than others, but together they form part of a living frame, focused not just on today’s needs, but preparing for tomorrow’s. And one through which we plan to embed sustainability in our DNA with our revised governance structure and core decision making processes, including those for investment. In this way, our new frame and aims will guide our work, focus our activities and propel us forward.

I am incredibly proud of what we as a team have achieved over the last 12 months, in what has been one of the hardest years in living memory. We have much more to do but having seen the talent and determination within our company, I believe more than ever that the path we are on is absolutely right for us and for society. I would like to thank our many stakeholders for their invaluable input so far. We have been listening intently and will continue to do so. This engagement will be key as we work purposefully to deliver our strategy and all 20 of our sustainability aims.