(Frontera, 18.May.2022) — Frontera Energy Corporation (TSX: FEC) released its 2021 Sustainability Report, announced its 2022 environmental, social and governance (ESG) targets and reaffirmed its commitment to continue to develop and implement meaningful actions to strengthen its ESG performance across its business.
Orlando Cabrales, Chief Executive Officer, Frontera commented:
“I am pleased to report that Frontera achieved 98% of its 2021 ESG goals and I am excited by the challenge of delivering our 2022 ESG goals and objectives. Frontera’s ESG strategy is guided by our values of integrity, respect, commitment, sustainability and culture. We are building a sustainable future through operational excellence and business integrity, caring for the health and safety of our people and the communities where we operate, being responsible with the ecosystems and the environment, and creating value for our social setting.”
Frontera’s 2021 Sustainability Report report details Frontera’s sustainability challenges, the company’s performance against its 2021 ESG goals and publicly establishes its 2022 ESG objectives. The 2021 Sustainability Report covers the period from 1 January 2021 to 31 December 2021 and has been prepared in accordance with the Sustainable Accounting Standards Board (SASB), Task Force on Climate-Related Financial Disclosures (TCFD), Carbon Disclosure Project (CDP) and the Global Reporting Initiative (GRI), the Global Compact, the Voluntary Principles on Human Rights and Security, and the UN Sustainable Development Goals. Frontera has voluntarily published annual Sustainability Reports since 2016 as part of its continuous and transparent disclosure efforts to highlight its ESG achievements and challenges.
Frontera’s 2021 Sustainability Report can be accessed on the company’s website at: https://www.fronteraenergy.ca/sustainability-reports/
Highlights of Frontera’s 2021 ESG performance include:
- Frontera neutralized 41% of its carbon emissions on average through carbon credits.
- The company planted 764 hectares of biological corridors to preserve diversity and ecosystems.
- Frontera was awarded the Equipares Gold Seal from the Ministry of Labour of Colombia for the company’s commitment and efforts to close gender gaps in the workplace and in the communities where it operates. The Gold Seal is the highest recognition of the program and Frontera is the first oil and gas company to receive this recognition.
- Frontera was certified by Great Place to Work (GPTW) as the only oil and gas company with an outstanding work environment.
- Frontera was also recognized as one of best places to work for women in Colombia among the 2021 GPTW ranking.
- The company reduced its wage segregation index by 28% compared with 2020.
- Frontera maintained its total recordable incident rate in 1.7, and kept a safe and healthy work environment across its operations.
- Frontera invested $4.7mn in 164 projects that benefitted more than 46,000 people in Colombia, Ecuador and Peru.
- The company purchased $40mn in local services.
- Due to its leadership and commitment in ethics and compliance, Frontera was first recognized by Ethisphere Institute in 2021 as one of the 2021 World’s most ethical companies. Ethisphere is a global leader in defining and advancing the standards of ethical business practices. Frontera was one of only three honorees in the Oil & Gas, and Renewables category and joined 134 global companies, from 22 countries and 47 industries recognized by Ethisphere in 2021.
Frontera’s 2022 Environmental, Social and Governance Goals
As part of its 2021 Sustainability Report, Frontera published its ESG goals for 2022. Frontera will report its progress in achieving its 2022 goals in its 2022 Sustainability Report which it anticipates publishing in May 2023. A list of the company’s 2022 ESG goals are shown in the table below.
Neutralize 50% annual average emissions through carbon credits.Develop a solar farm project at CPE-6
|Health and Safety|
Improve health and safety indicators by 20% (TRIR target 1.40).Achieve “Honoris Esmeralda” recognition from the Colombian Safety Council.
|Outstanding business ethics|
Continuous ethical and compliance improvement, evidenced by external evaluations (Ethisphere).
|Clean water and sanitation|
Reduce water average consumption in our operation by 20%.
|Diversity, inclusion and equality|
Implement women’s technical training program.Achieve ‘Friendly Biz’ certification and a gender discrimination free environment.Improve our ‘Great Place To Work’ results towards the achievement of the Excellency category.
|Integral risk management|
Integrate ESG-related risks, factors and opportunities into operational risk management for critical macro-processes.
|Life & Ecosystems|
Protect and preserve 900 new hectares of biological connectivity corridors in Casanare and Meta to protect 4 representative mammals like jaguar and the giant river otter.
Increase local goods and services purchases to $41 million through direct contracting and subcontracting processes.Implement ethnic and local women’s entrepreneurship pilot project.
Maintain a rate of zero material cybersecurity incidents.
|Responsible consumption and production|
Recycle/Use at least 15% of solid waste sent for final disposal.