Post on 04-Jun-2018
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Dr. Walid Fayad
Tarek Elsayed
Dr. Greg Lavery
Simon-Pierre Monette
Perspective
Managing Emissionsand Making ProtsThe Opportunityfor Carbon-intensiveSectors in theMiddle East
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Contact Information
Amsterdam
Amit GautamSenior Associate
+31-20-574-1871
amit.gautam@booz.com
Beijing
Chris McNally
Partner
+86-10-6563-8300
chris.mcnally@booz.com
Beirut
Dr. Walid Fayad
Partner
+961-1-985-655
walid.fayad@booz.com
Delhi
Suvojoy SenguptaPartner
+91-124-499-8700
suvojoy.sengupta@booz.com
Dubai
Tarek Elsayed
Principal
+971-4-390-0260
tarek.elsayed@booz.com
Simon-Pierre Monette
Senior Associate
+971-4-390-0260
simon-pierre.monette@booz.com
Dsseldorf
Joachim RoteringPartner
+49-211-3890-250
joachim.rotering@booz.com
London
Nick Pennell
Partner
+44-20-7393-3237
nick.pennell@booz.com
Dr. Greg Lavery
Principal
+44-20-7393-3333
greg.lavery@booz.com
So Paulo
Arthur RamosPartner
+55-11-5501-6229
arthur.ramos@booz.com
Stockholm
Per-Ola Karlsson
Senior Partner
+46-8-50619049
per-ola.karlsson@booz.com
Tom Hinds, Georgie Saad, and Saed Shonnar also contributed to this Perspective.
Booz & Company
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EXECUTIVESUMMARY
Not only can NOCs and companies
in other carbon-intensive industries,
such as chemicals and utilities,
prot from returns on investments
in energy efciency; they can also
improve their image, access carbon
nance, and contribute to the long-
term competitiveness of fossil fuel
resources and hydrocarbon-based
products and services. In addition,
these companies can collaborate
with other energy stakeholders at
the national level on GHG emissions
reduction measures; doing so will
generate signicant cost savings by
reducing fuel consumption while
freeing up additional fuel for export.
Managing a companys GHG
footprint requires a systematic and
methodical approach to its emission
reduction strategy. This approach
will involve three key steps: choosin
a strategic course; developing a
GHG reduction program, including
measures such as investments in
energy efciency projects; and
establishing core processes and
other infrastructure required to
successfully implement the program
It should be coupled with an
initial focus on quick wins that
can generate savings to help fund
long-term, more capital-intensive
abatement projects. Taking such a
carefully considered approach can
help companies convert pressure
from climate change issues into an
opportunity to generate prots.
Increasing awareness of mankinds contributions to climate
change is creating new pressure for carbon-intensive sectors
such as oil and gas to address their greenhouse gas (GHG)emissions. Many companies are reluctant to embark
on emissions reductions programs, due to the common
misconception that such programs are inherently unprotable
But recent experience in the oil and gas industry in the Middle
East proves otherwise. One national oil company (NOC), for
example, identied the potential for a 43 percent reduction in
emissions with a net present value of several billion U.S. dolla
using a systematic and programmatic approach.
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KEY HIGHLIGHTS
Energy efciency measures can
generate direct cost savings by
reducing fuel consumption, which
can free up fuel for export; they
are in most cases protable, withpayback periods of potentially
fewer than three years.
Companies can achieve
emissions reductions of up to 40
percent through improvements
in operations and maintenance,
reductions in aring and venting,
and investments in energy
efciency measures at the
equipment and process levels.
Carbon capture and storage
(CCS) offers NOCs furtheropportunities for GHG
reductions; leading oil
companies should assume an
important role in the development
of CCS, as they are in a unique
position to leverage their
upstream capabilities for the
storage of carbon dioxide in oil
and gas reservoirs and other
geological formations.
Companies will need to add
a number of capabilities toconduct GHG emissions
management programs, take
advantage of carbon nance
mechanisms, and take a
leading position in emissions
reduction technologies.
and not currently bound to GHG
emissions reductions by the Kyoto
Protocol, the region may be prone to
signicant impacts from rising globaltemperatures, including intensied
desertication, increased water
scarcity, ocean acidication, loss of
biodiversity, extinction of species, and
even human deaths caused by heat
waves. As a result, governments and
carbon-intensive industries across the
region are exploring ways to reduce
their emissions footprint, thereby
participating in the global drive to
address CO2emissions.
Contrary to popular belief,
addressing GHG emissions can be
protable. One NOC, for example,
identied the potential for a 43
percent reduction in emissions
with a net present value of several
billion U.S. dollars. Whats more, for
regional governments and carbon-
intensive industries, such as oil and
gas, chemicals, and utilities, that
take a proactive approach to GHG
management, the benets can extend
beyond prot.
In recent years, climate scientists
have unearthed new evidence linking
increases in carbon dioxide and
other GHG emissions to rising global
temperatures. The potential for
irreversible consequences has prompted
national governments around the
world to devise ambitious plans to
address global warming and its possible
damage to ecosystems and the global
environment. The most extensive of
these efforts is the United Nations-
sanctioned pursuit of an international
agreement on climate change to succeed
the Kyoto Protocol, which covers six
GHGs and expires in 2012.
Although Middle East countries are
relatively moderate emitters of GHGs
THE CASEFOR GHGMANAGEMENT
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Long-term Competitiveness of
Hydrocarbons:GHG abatement
measures in oil and gas operations
reduce the carbon footprint ofthese fossil fuels. Accordingly,
the implementation of a GHG
management strategy contributes to
the long-term competitiveness of oil
and gas as the world transitions to
low-carbon energy sources.
Energy Efciency Returns:Energy
efciency measures, central to
many GHG emissions management
initiatives, generate direct cost savings
by reducing fuel consumption.
In many cases, energy efciency
measures pay for themselves and some
are very protable, with paybackperiods of fewer than three years.
NOCs specically have an additional
opportunity at the broader national
level: they have much to gain from
reductions of GHG emissions in
their respective economies as this
implies lower capital investments to
meet local energy requirements and
increased fuel available for export.
Accordingly, NOCs of the region
should drive the implementation of
energy efciency measures not only
for their own operations, but also in
the power and transport sectors of
their countries.
Access to Carbon Finance and Techni
Support:The clean development
mechanism (CDM) under the Kyoto
Protocol allows qualifying emissions
reduction projects in developing
nations to benet from nancial and
technical support. To date, the CDM
has remained relatively unexploited in
the Middle East (see Exhibit 1). With
large number of CDM methodologies
1Data excludes China
Source: UNEP Risoe Centre (December 2009); UNFCCC CDM statistics
Exhibit 1An Untapped Market for Carbon Financing
NUMBER OF CDM PROJECTS REGISTERED AND AT VALIDATION STAGE(BY HOST REGION, CUMULATIVE UP TO 12/2009)
China Asia & Pacific1 Latin America Africa Other MENA
458190
821
1,8501,895
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already in place for energy efciency
and alternative energy applications
in the oil and gas, petrochemicals,
and utilities sectors, there is great
potential for companies to take
advantage of carbon nance support
(see International Carbon Finance and
Clean Development Mechanisms).
Improved Image:With GHG
management programs, companies
in carbon-intensive sectors will
demonstrate their commitment to
reducing emissions and help deect
increasing public scrutiny about their
contributions to climate change.
Although it may be tempting
for companies to view GHGmanagement initiatives strictly
as part of the corporate social
responsibility agenda, these
wide-ranging benets point to an
economic imperative as well, and
one that should not be overlooked or
underestimated.
To capture these benets, Middle East
companies should adopt a systematic
and methodical approach to reining
in their emissions, articulated in three
key steps:
Choose a strategic course1.
Develop a GHG reduction2.
program
Establish core processes and other3.
infrastructure required to success-
fully implement the program
The following sections describe how
this structured approach applies to
regional companies.
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International Carbon Finance and Clean Development Mechanisms
The international carbon nance market has grown rather quickly, surging to
US$114 billion in 2009 from just $10 billion in 2005. Among the mechanisms
introduced to lower the overall costs of achieving the Kyoto Protocols
emissions targets, the clean development mechanism (CDM) is the most
pervasive tool for collaboration between industrialized, developed countriesand developing or emerging nations. The objective of the CDM is to provide
funding, expertise, and technological support for the development of
emissions reduction projects in developing countries.
The underlying principle of CDM is additionality, which means that a project
is deemed eligible for certied emissions reductions (CERs) only if it can
be demonstrated that it wouldnt have been possible to realize the project
without such support. Companies can demonstrate additionality through
investment analyses showing a project would otherwise be economically
unattractive, or by illustrating that CDM collaboration and nancing would
help overcome nancial, technological, or capability barriers preventing
pursuit of the project. Although new carbon nance mechanisms such as
green funds and nationally appropriate mitigation actions (NAMAs) could
supplement CDM as of 2012, demonstrating additionality will most likely
remain a requirement for any support under those schemes.
Although companies may view GHG
management strictly as part of the
corporate social responsibility agenda,
there is an economic imperative as wel
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Dening a strategic positioning should
be a companys rst major step in
tackling GHG emissions because that
will guide its course of action, as well
as its level of involvement in driving the
low-carbon agenda at the national level.
Setting the right course, though, takes
an understanding of the companys
baseline emissions, which will help
identify the biggest contributors and
compare emission levels to international
benchmarks (see The First Challenge:
Establishing a Baseline).
Once the company has established
its emissions baseline, its leadership
should articulate a vision for dealing
with its GHG footprint.
Through this process, companies are
likely to settle on one of four broad
positioning options for aligning their
strategic vision with the right set of
emissions reduction initiatives:
Compliant:Companies that t under
this category would implement GHG
1. CHOOSINGA STRATEGICCOURSE
reduction measures solely as a means
to meet the requirements of national
and international regulations.
Initiatives designed for this purpose
are not governed by a programmatic
approach and represent the bare
minimum of what is required.
Efcient:This positioning would
account for companies seeking to go
a step further than basic compliance
by improving the efciency of their
operations and attempting to benet
from carbon nance support. They
would target investments in readily
available and robust technologies,
typically at the equipment level, with
short payback periods.
Enlightened: This category applies
to companies aspiring to be leaders
in their region in emissions control.
It involves complex but tested
technologies, typically at the process
and plant levels. Understanding
and implementing these activities
requires signicant capabilities and
knowledge. Under this positioning,
companies would collaborate
with other energy stakeholders at
the national level on select GHG
emissions reduction initiatives with
the aim of reducing national fossil
fuel consumption. Examples of such
initiatives might include an NOC
supplying the utility sector with
low-emissions fuels or collaborating
with utility sector stakeholders to
implement alternative energy projects.
Differentiated Leader: The greatest
benets in terms of emissions
reductions would go to those
companies that seek to establishbest-in-class GHG emissions
performance and innovation
on a global scale. Many of the
emissions reduction solutions in
this category would be considered
cutting-edge technologies, offering
companies the opportunity to take
a competitive position in generating
intellectual property in this area.
Additionally, companies that are
ready to assume a leadership role in
their countrys emissions reduction
efforts can establish themselves asnational champions by working
with the countrys environmental
agencies to develop a detailed
national carbon inventory and
low-carbon development plan. In
this role, companies would support
national initiatives to establish the
institutional setting for accessing
international carbon nance support
and contribute to setting energy
efciency standards and developing
initiatives in other carbon-intensive
sectors, such as the implementation
of alternative energy projects.
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The First Challenge: Establishing a Baseline
Before companies can begin identifying and investing in emissions reduction
initiatives, they need to obtain a proper and exhaustive inventory of their
GHG footprint. A detailed baseline of emissions allows companies to identify
areas with a high potential for emissions reductions, based on comparisons
with best-in-class benchmarks. An emissions baseline also forms the basisfor deriving a business as usual scenario, which projects future emissions
in the event that no actions are taken. Such scenarios make it easier to set
goals for emissions reductions and also serve as a valuable reference point
for monitoring performance on an ongoing basis.
The raw information contained in such an inventory is often already
available, but companies dont generally aggregate it because they are
not required to do so. To gain greater insights about emissions reduction
potential, companies must distill this data in a well-structured baseline for
every subsidiary or business unit. They should also delineate between direc
or Scope 1 emissions (e.g., combustion, aring and venting, and fugitives)
and Scope 2 emissions resulting from imported sources (e.g., electricity
and water).1
Companies can compile two types of emissions inventories: equity-based
and control-based. For pragmatic reasons, companies may elect to use a
control-based approach, as they will have more power to implement changes
in subsidiaries in which they own a controlling stake.
1Scope 1 emissions are emissions that a company / business generates directly whereas Scope 2 emissions
result from the import of goods / utilities such as power and water that bear a carbon content.
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2. DEVELOPING AGHG REDUCTIONPROGRAM
Once companies establish their vision
for GHG emissions management at
the corporate and national levels,
they should then identify potentialemissions reduction initiatives across
the value chain. These opportunities
can be grouped into ve broad
categories:
Continuous Operations and
Maintenance (O&M) Improvements:
Companies may achieve emissions
reductions and fuel savings through
improved process controls and direct
inspection and maintenance programs.
For example, in the oil and gas sector,
this includes systematic de-fouling and
operational measures leading to reduced
emergency aring. Such improvements
require little capital investment, yet
have the potential to yield emissions
reductions of as much as 10 percent.
Improving Equipment Efciency:
These initiatives target GHG emis-
sions reductions by improving the
efciency of equipment such as
heaters, burners, boilers, compres-
sors, turbines, and motor systems. In
reneries, such equipment typically
accounts for 65 percent of emissions.
At one renery, optimizing the com-
bustion efciency of heaters, burners,
and boilers required an investment of
approximately US$120 million with
a potential internal rate of return of
nearly 30 percent and a potential pay-
back period of fewer than 3 years.
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Reducing Heat Requirements Through
Process Improvements:Companies in
process industries can realize energy
efciency improvements via theoptimal use of heat and optimization
of steam systems. To achieve this, they
will need to conduct pinch analysis
i.e., systematic analysis of energy
ows and use in processes, which
helps determine the minimum energy a
process requires.
Flaring and Venting Reduction:In
the oil and gas and petrochemicals
industries, venting is a major source
of direct methane emissions that
often results in losses of signicant
value. Hydrocarbon vapors often
have higher heat content than
pipeline-quality natural gas, making
them more valuable than natural
gas. Vapor recovery systems (VRSs),
which can capture up to 95 percent ofhydrocarbon vapors, can retain this
value by allowing the vapors to be
resold, used as on-site fuel, or fed to
processing plants to recover valuable
natural gas liquids. Industry experience
reveals that the installation of VRSs
can be quite protable. In one example,
an independent oil company installed
VRSs at two locations at a cost of
$200,000 and saw its investment
recouped in less than two months due
to the high value of the gas recovered.
Structural Initiatives:While the
initiatives enumerated above can
be launched unilaterally, companies
may also selectively pursue more
challenging and complex projects
that involve multiple stakeholders
or business units. These initiatives,
such as cogeneration with grid
tie-up and the use of residual heat,
the application of solar thermal for
providing heat to processes, and the
development of solar power to offse
power consumption, offer great
potential for emissions reductions.
Additionally, NOCs can consider CC
with enhanced oil recovery (EOR)
(see Carbon Capture and Storage
and Enhanced Oil Recovery), and
companies in the petrochemical
sector can explore carbon conversio
involving the use of captured CO2a
An oil company installed VRSs at two
locations at a cost of $200,000 and
recouped its investment in less than
two months.
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Carbon Capture and Storage and Enhanced Oil Recovery
Carbon capture and storage (CCS) encompasses a variety of technologies
to capture, transport, and sequester carbon dioxide emissions. Countries
around the globe are pushing ahead with investments in CCS in the hopes of
enabling commercial scale deployment by 2020. Governments are dedicating
a collective $15 billion each year to fund more than 200 projects and induceinvestments from the private sector.
Leading oil companies should assume an important role in the development
of CCS, as they are in a unique position to leverage their upstream
capabilities (e.g., geological characterization and overall reservoir
management) for the storage of carbon dioxide in oil and gas reservoirs and
other geological formations.
Enhanced oil recovery (EOR) storage represents the most attractive
application of CCS for Middle East NOCs in the near term. EOR, a reservoir
management technique for tertiary recovery, has the potential to signicantly
improve the economics of CCS projects due to the additional oiland, thus,
revenueit extracts. Although EOR benets vary substantially according to
recovery rates and prevailing oil (or gas) prices, Booz & Company analysissuggests that EOR may completely offset the costs of integrated CCS
projects in the most favorable cases.
That said, NOCs will likely have to look to outside partners to source carbon
dioxide. Carbon dioxide quantities available in downstream or petrochemicals
(e.g., from large boilers or in hydrogen production) will generally meet
the requirements of pilot or small-scale operations. For commercial-scale
deployments, though, NOCs will have to turn to national power generation.
A case study performed by Booz & Company in a Gulf Cooperation Council
country suggests that the carbon available in the power sector matches the
storage potential of EOR operations. Under such models, NOCs could one
day become net sinks for carbon dioxide, capturing and storing more carbon
dioxide than they produce.
Countries and NOCs of the Middle East looking to pursue CCS and EOR
within the next 10 to 15 years should start laying the foundation now. Among
other issues, they will need to assess their EOR injection requirements,
increased production potential resulting from EOR, sources of carbon
dioxide at the national level, and nominal capture-to-sink congurations.
Middle East countries also need to develop a regulatory framework and the
policies to facilitate the implementation of CCS. The liabilities associated
with the long-term storage of CO2are among the key regulatory issues that
should be addressed.
Given the span and complexity of CCS projects, the potential benets
available to NOCs, and NOCs capabilities, NOCs should take a lead role
in establishing a clear road map to drive CCS developments in the region.
NOCs should rally relevant stakeholders including power utilities, government
policymakers, research institutions, and nancing agencies in a concerted
regional effort spanning beyond national frontiers.
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feedstockfor instance, for urea and
methanol processing.
Once companies have identied theextent to which the above opportunities
are applicable to their operations,
they should prioritize them based on
the trade-off between their emissions
reduction potential and their cost and
difculty. This ensures that efforts are
focused on those opportunities with
the greatest potential for emissions
reduction in the context of practical
capacity constraints.
Companies must then analyze in
greater detail the initiatives that
make the short list to determine
their investment requirements,
economic attractiveness, and
potential risks. This assessment
should also determine eligibility
for carbon nance support and
identify whether relevant CDMmethodologies exist. Short-listed
initiatives may be mapped on an
emissions reduction investment curv
to capture the returns associated wi
each opportunity (see Exhibit 2).
The investment curve shows that th
Source: Booz & Company
Exhibit 2Emissions Reduction Potential Depends on Target Returns
EMISSIONS REDUCTION INVESTMENT CURVE FOR A NOC IN THE MIDDLE EAST
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1615
Mtpa CO2Abatement
In
ternalRate
ofReturn
(Log
Scale)
1%
10%
20%
30%
100%
1000%
16 mtpa CO2reductionwith a 14% IRR
4.5 mtpa CO2reductionwith a 51% IRR
Cumulative IRR
IRR of individual initiatives
O&M optimization and continuouemissions control program
Optimization of steam systems
Optimization of motor systems(compressors, pumps, fans, etc.)
Optimization of heater/furnace/burner/boiler/combustionefficiency
Flare gas recovery
Site-wide process integration andoptimization of heat requirements
CO2capture from hydrogen plant
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most protable opportunities feature
returns well above the typical returns
expected for capital projects and
make the overall economics of GHGmanagement very attractive at the
portfolio level.
In the aggregate, the opportunities
available to companies in process
industries in the Middle East can
potentially reduce emissions by
more than 40 percent, with even
greater potential when factoring in
major structural opportunities such
as carbon capture and storage (see
Exhibit 3).
Designing the GHG management
program to implement emissions
reduction initiatives in phases
will allow companies to focus
rst on quick win projects with
short implementation lead times,
accelerated payback periods, and
near-term emissions reduction
potential. By prioritizing projects in
this way, companies will be able to
generate early positive cash ows tofund more capital-intensive projects
later on, as well as gain greater
insights in setting annual emissions
reduction objectives. Achieving quick
wins will also boost condence in
such projects by raising awareness of
their successes.
Companies in process industries in the
Middle East can potentially reduce
emissions by more than 40 percent.
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Note: MtCO2e = metric tonne CO
2equivalent
Source: Booz & Company
Exhibit 3Using All Available Measures Can Reduce Emissions Signifcantly
POTENTIAL GHG EMISSIONS REDUCTIONS OVER TIME(20102030)
Continuous O&M improvement
Equipment optimization for energy efficiency
Site-wide process optimization and cascading of heat
Flaring and venting reduction
CO2capture within NOC perimeter for products/storage
Emissions after abatement
2030
-43%
2025202020152010
GHGE
missions
MtCO2eperyear
Business as Usual(Efficiency Loss Scenario)
- CCS/EOR with capture of CO2fromnon-client sources (mainly electricitgeneration)
- Strategic projects that could bepursued in the long run (e.g., solarand cogeneration)
- Offsetting initiatives in the broadereconomy (e.g., energy efficiency)
Emissions after abatement. Furtherpossible savings from:
BAU
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Once companies have established
their strategic course and the design
of the program, they will need to act
upon three critical aspects of their
business to lay the foundation for the
programs successful implementation:
(i) develop an operating model,
processes, and capabilities for GHGmanagement; (ii) institutionalize
GHG management through active
monitoring and market-based transfer
pricing policies; and (iii) manage
communication about the GHG
strategy implementation and results.
Designing an operating model
for GHG management involves
dening the activities, processes, and
organizational structure required to
govern and implement the program,
including the mechanisms to allocate
and approve funding for chosen
initiatives. A key challenge here
resides in achieving a balance between
central consolidation and control
on one side, and sufcient latitude
for business units to manage their
respective parts of the GHG program
on the other. Companies will also have
to ensure that they have the right set
of capabilities to deploy the GHG
management strategy. For instance,
in order to fully leverage carbonnance mechanisms, companies will
need to develop specic capabilities
related to CDM project identication,
registration, evaluation, development,
and implementation. Carbon nance
is a world unto itself, and many
companies dont have the in-house
expertise required to manage the
process for obtaining CDM credits. In
particular, the ability to demonstrate
CDM additionality by analyzing
investment barriers is critical. Overall,
workforce training and recruitingprograms focused on building both
foundational and incremental skills are
fundamental to fostering an effective
GHG management team.
3. ESTABLISHINGPROCESSES ANDINFRASTRUCTURE
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The second key aspect companies will
need to address is the institutionalization
of GHG management, including the
ongoing monitoring of GHG emissions.
After companies have established an
emissions baseline, they will need to
maintain accurate carbon inventories
to regularly assess the effectivenessof their GHG management strategy
or to identify areas in need of
improvement. Another component
of the institutionalization of GHG
management is the adoption of market-
based transfer pricing policies, as fuel
and electricity prices are key inputs in
conducting cost-benet analyses of GHG
management projects. When these costs
are subsidized, as is often the case in the
Middle East, they distort this analysis
and can deter companies from making
investments that would have been
protable when factoring in opportunity
costs. Accordingly, companies should
review transfer pricing policies and set
evaluation guidelines to ensure that
their assessments are based on the real
market value of these inputs. The last
key component of institutionalization
is the integration of GHG management
into the companys performance
management framework. Companies
should adapt their performance
management framework to ensure theiroperations are aligned with the overall
GHG management strategy. This is done
by setting implementation milestones
early in the deployment phase, and
establishing results-based indicators
to monitor ongoing performance
in emissions reductions against
target objectives. The performance
management system should be tied to
existing incentive structures to ensure
that company leaders and employees
are motivated to drive the strategys
implementation.
Finally, a comprehensive
communication plan is necessary
to engage employees and external
stakeholders. Internally, the
plan should seek to educate,
enlist, and reward participants,
including company leadership,
staff, contractors, and business
partners. Internal communications
may involve written publications
such as newsletters but also moreparticipatory forums such as
workshops and town hall meetings.
Companies should gear external
communications toward raising
national awareness about the
implications of climate change and
the importance of energy efciency.
Communication should celebrate
successful emissions reduction
initiatives. In any communication,
messages should be carefully
constructed to avoid compromising
the companys ability to qualify forCDM assistance.
Companies will need to maintain
accurate carbon inventories to
regularly assess the effectiveness of
their GHG management strategy.
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Governments and companies in
carbon-intensive sectors of the
Middle East can turn the growing
global pressure to address climatechange into a great opportunity.
By adopting a systematic and
programmatic approach to managing
their GHG emissions, they can
support the long-term sustainability
of fossil fuels while improving
their public image, enhancing their
capabilities, and making prots.
CONCLUSION
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About the Authors
Dr. Walid Fayadis a partner
with Booz & Company in theMiddle East. He co-leads the
utility sector and spearheads
the rms activities in renewable
energy and climate change in
the Middle East.
Tarek Elsayed is a principal
with Booz & Company in
Dubai. An expert in corporate
and agency strategy, he has
assisted a range of private- and
public-sector clients across
the Middle East and Europe
to address energy, emissions,
environment, and water issues.
Dr. Greg Lavery is a principal
with Booz & Company inLondon. He specializes in
designing and implementing
a broad range of low-carbon
solutions, including renewable
energy, green buildings,
emissions management, and
energy efciency.
Simon-Pierre Monette
is a senior associate with
Booz & Company in Dubai.
He specializes in developing
growth, investment, and low-
carbon strategies in the energy
and utility sectors.
8/13/2019 BoozCo Managing Emissions Profits MENA
20/20
2011 Booz & Company Inc.
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