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INTERNATIONAL PRINCIPLES AND STANDARDS

Oil Search is committed to operating PNG Biomass in accordance with PNG’s legislative requirements, to adhere to applicable international principles and standards, and to meet its own high environmental and social sustainability principles.

Equator Principles

The Equator Principles are based on the International Finance Corporation’s (IFC) Performance Standards on Environmental and Social Sustainability and have become globally recognised good practice in dealing with environmental and social risk management, and will be applied by PNG Biomass.

PNG Biomass has conducted an environmental impact assessment, social impact assessment, and economic impact assessment. The project has been assessed against the IFC requirements and will be managed in line with the principles of the Performance Standards. From an environmental perspective, the project will also be consistent with Oil Search’s policies, PNG statutory obligations, and commitments made as part of the environmental assessment process in accordance with the requirements of PNG’s Environment Act 2000.

Forest Stewardship Council

The Forest Stewardship Council (FSC) is an independent, not for profit, non-governmental organisation established to support, via a formal certification process, the environmentally appropriate, socially beneficial, and economically viable management of the world’s forests. The FSC National Forest Management Standards for Papua New Guinea stipulate the circumstances under which socioeconomic impacts are evaluated and socio-economic impact assessments must be undertaken. Medium and large-scale operations require a socio-economic impact assessment to be conducted, in the latter case by an independent qualified contractor. These requirements underscore the commissioning of a social impact assessment for PNG Biomass.

Gold Standard for the Global Goals

The Gold Standard for the Global Goals is designed to quantify, certify and maximise the impacts of climate and development initiatives towards climate security and sustainable development. PNG Biomass is undergoing Gold Standard certification for ‘Afforestation and Reforestation’ carbon credits. Every project certified under the Gold Standard must not only protect our climate but contribute to at least three of the UN Sustainable Development Goals. In this way, lowering greenhouse gas emissions also leads to impacts like new jobs, better gender equality, improved health, and the protection of natural ecosystems, biodiversity and endangered species.

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