“Tidewater Midstream is excited about our role within the energy industry to reliably and cost-effectively deliver sustainable energy solutions across North America,” said Joel MacLeod, Chairman and Chief Executive Officer. “We recognize that we are in the early stages of our ESG journey and have more to do, but we are committed to continual improvement and strive to become a leader in the space.”
The report features Tidewater Midstream’s progress to date including:
- Establishing an ESG Committee chaired by the Chief Executive Officer and also comprised of the Chair of the Corporation’s board of director’s Corporate Governance, Compensation, Nomination, Health, Safety, and Environment Committee, Chief Financial Officer, Chief Legal Officer & EVP, Shared Services, VP HSE & Regulatory, Director of Investor Relations and Refinery Economics, Director of Legal and Assistant Corporate Secretary and Manager, Sustainability. The ESG Committee meets weekly to review opportunities to improve the Corporation’s ESG performance.
- Demonstrating a strong safety record with zero lost time injuries in the past three calendar years and zero fatalities since inception.
- Continuing Tidewater’s commitment to invest time and resources in the communities where the Corporation operates and contributing over $465,000 in the past four years to various community initiatives.
- Stepping into a leadership role and becoming a founding member of Project Forest in 2020, a non-profit organization committed to planting trees to sequester carbon in Alberta. The Corporation has committed to planting 20,000 trees over the next 5 years.
- Creating a subsidiary, Tidewater Renewables Ltd., in August 2021 and retaining an approximate 69% equity ownership in such entity. Tidewater Renewables is building Canada’s first ever renewable diesel facility which will drive an expected 80%-90% carbon intensity reduction compared to conventional diesel.
The inaugural ESG report provides performance metrics for the 2017 to 2020 calendar years, with the Corporation planning to issue a full report biennially with performance tables being updated annually. The report and disclosures are guided by the Sustainable Accounting Standards Board (SASB) standards for Oil and Gas – Midstream, and Oil and Gas – Refining and Marketing.
The full ESG report is available on the Corporation’s website at http://www.tidewatermidstream.com/sustainability