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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. PNG Biomass is committed to compliance with the IFC Performance Standards, including operating in the spirit of Free, Prior and Informed Consent (FPIC).

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. PNG Biomass is in the process of attaining FSC certification.

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. PNG Biomass is in the process of attaining Gold Standard certification.

Roundtable on Sustainable Biomaterials

The Roundtable on Sustainable Biomaterials (RSB) is a global, multi-stakeholder independent organisation that drives the development of a new world bio-economy through sustainability solutions, certification, and collaborative partnerships. RSB provides tools and solutions that mitigate business risk and contribute to achieving the UN’s Sustainable Development Goals (SDGs) and has the world’s most trusted, peer-reviewed, global certification standard for sustainable biomaterials, biofuels and biomass production.

The RSB Standard has 12 principles and criteria to actively drive the bio-economy through innovation, business partnerships and solving social and environmental issues. The RSB Standard contributes to food security, rural development and restoration of ecosystems. PNG Biomass is committed to compliance with the 12 principles of the RSB Standard to contribute to achieving the SDGs.

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