Company disclosures (2)
Climate-Related Targets and Progress
Achieved Targets:
- ✅ 2030 Scope 1 & 2 target: Achieved 2030 target to reduce Scope 1 and 2 net emissions (equity share) by 30% - completed in 2025
- ✅ 2025 emissions reduction targets: Reached early, building foundation for further progress
Current Targets and Progress:
Near-term Targets (by 2030):
- 30% reduction in Scope 1 and 2 emissions (equity share) ✅ ACHIEVED
- 40% reduction in Scope 1 and 2 emissions intensity (equity share)
- Reduce customers' Scope 1 and 2 emissions (Santos Scope 3) by at least 1.5 million tonnes per annum of CO2e from supply of low carbon fuels and carbon management services
- Zero routine flaring where economically feasible for operated oil production
- Near-zero methane emissions
Medium-term Targets (by 2040):
- Net-zero Scope 1 emissions (equity share)
- Build and operate a commercial carbon storage business, safely and permanently storing at least 13.65 million tonnes of third-party CO2 per annum
Long-term Targets (by 2050):
- Net-zero Scope 2 emissions
2025 Performance Highlights:
- 42% reduction in Scope 1 and 2 net emissions (equity share) from baseline year 2019-20
- 1.23 million tonnes of CO2e stored at Moomba CCS
- 907,872 ACCUs received for Moomba CCS operations
- $136 million CTAP expenditure supporting target achievement
Target Evolution: Santos' Climate Transition Action Plan continues to evolve with time, adapting targets and strategies to changing market conditions and technological developments while maintaining commitment to decarbonisation goals.
The Sustainability Committee is responsible for reviewing and considering for approval the objectives, targets and key performance indicators that will drive continuous improvement in climate-related performance.
In 2025, we invested $20 million in a series of capital projects at the Geelong Refinery aimed at reducing emissions where commercially viable. These projects are expected to deliver an estimated annual reduction of 29 kt Scope 1 emissions.
The Board also sets the Company's emissions reduction ambitions and other policies that guide operational decision-making.
The long-term incentive (LTI) program includes strategic objects for the 2025-2027 LTI that relate to the Company's climate-related risks and opportunities: • develop and deliver projects to achieve the Company's emission reduction targets and make meaningful progress on the Company's new energies and lower carbon agenda
The 2023-2025 LTI included objectives relating to the Company's climate-related risks and opportunities: • develop and deliver projects to achieve the Company's emission reduction targets and make meaningful progress on the Company's new energies and lower carbon agenda • develop the Energy Hub at Geelong and determine a long-term transition for the Geelong refinery • develop and execute strategic options to grow non-fuel earnings
Progress monitoring: Progress against the Company's climate-related targets, and of the Geelong Refinery against Safeguard Mechanism requirements were reviewed by the Sustainability Committee during 2025.