IAGC Industry ESG Statement
The success and growth of the Geophysical & Exploration (G&E) industry is dependent on IAGC members conducting operations in a responsible, sustainable and transparent manner.
Now more than ever, G&E companies are expected to manage Environment, Social, and Governance (ESG) risks, while also capitalizing on new markets in an effort to create value for their stakeholders. This can be achieved by operationalizing existing practices for responding to sustainability issues and industry expectations. The need for this ability to pivot is increasing, as governments continue to implement policies on what ESG means for Exploration in their jurisdictions. The IAGC and our members recognize both our responsibility to ensure operations are conducted in a sustainable manner and the opportunity that our industry has to provide sustainable solutions.
The IAGC’s slogan ENERGY STARTS HERETM expresses a renewed vigor in the industry to address these priorities.
IAGC members operate across the globe in all environments – from oceans to lakes, mountains to jungles, and tundra to deserts. Throughout all operations, environmental stewardship continues to be a core value within the G&E industry and the industry remains committed to identifying improvements in survey operations that minimize waste, greenhouse gas emissions and discharge to the environment.
- The G&E industry has allocated millions of dollars to scientific studies which analyze the potential effects of geophysical surveying on our world’s flora and fauna.
- Members are committed to keeping our oceans free of marine debris through the IAGC Marine Debris & Ghost Net Initiative. Since 2016, IAGC members have reported removing more than 2.5 million pounds of marine debris around the globe.
- The industry has developed extensive water and solid waste recycling practices to avoid a negative impact on the ecosystems in which we operate.
- The industry designs and plans operations such that data are acquired as efficiently as possible, minimizing both the amount of interaction with the environment and CO2 released into the atmosphere during acquisition.
The G&E industry is a critical partner to energy modernization and is at the forefront of what is often called the ‘energy transition.’ Geophysical surveys are used to map the seabed and determine suitable sites for renewable energy developments, such as offshore wind farms. Such surveys are a necessary step to implement policies to reduce greenhouse gasses by increasing alternative energy infrastructure. Carbon emission reduction is also achieved by identifying and monitoring geological formations that can be used to capture CO2 from industrial activities. Geophysical surveys are key to identifying appropriate sites for carbon capture. In addition to the examples above, geophysical surveys are also used in locating groundwater, ensuring the integrity of wastewater disposal sites, assessing the effects of coastal erosion, delineating fault lines and characteristics, and dramatically minimizing the number of wells required to safely extract hydrocarbons.
The G&E industry commits to improving quality of life by enabling the safe discovery and delivery of the energy resources, and by embracing the principles of Environmental Stewardship across the globe.
IAGC members recognize and appreciate that people are the most important asset of any industry. This includes not only workers themselves, but also the communities in which we live and work. It is here that the G&E industry has taken a unique and leading role in utilizing “local content” for the development of local community skills to build a competitive supply line.
- Members provide technical and geophysical training and development opportunities to communities as part of their operations and activities in countries around the globe.
- The industry and our members donate time, resources and funds to local community groups and charitable organizations that address critical local issues, such as medical or healthcare access, humanitarian aid, disaster relief, educational opportunities or environmental issues.
- The IAGC promotes knowledge sharing through its webinars, training programs and collaborations with our industry partners, academia, and other relevant stakeholders.
These practices not only benefit the customer, but more importantly, advance the economy, resources, and skillsets of the local communities.
The G&E industry recognizes the benefits of a diverse workforce and continues to promote an inclusive working environment in which all people are treated with dignity and respect. IAGC members prioritize fair labor practices and equal employment opportunities without discrimination on the basis of race, color, national origin, religion, gender, age, disability, sexual orientation, marital status, or any other status. Our members recognize their obligation to ensure operations are conducted in accordance with applicable human rights and modern slavery laws and do not tolerate any use of forced, prison or compulsory labor or child labor in the supply chain.
It is the duty and moral responsibility of each member company within the IAGC to provide the safest workplace possible. The G&E industry takes pride in its advancements in Health, Safety, and Security. This has been implemented over the years through detailed risk assessments in all phases of operations to minimize and mitigate risks and reduce hazards.
The G&E industry sets a leading example of an energy industry interacting with communities, and we take immense care to be stewards of these social responsibilities. This is demonstrated through direct actions to improve local communities, including drilling clean water wells in areas of need, building schools in underdeveloped regions, extensive consultations with local communities (e.g. fishing, farming etc.) and working with these stakeholders to minimize any potential impacts from surveys on their community, among many other initiatives. These fundamental responsibilities are passed down through our employees, suppliers, customers, and stakeholders.
The core values of honesty, integrity, and transparency are central to the G&E industry and are achieved through a strong foundation of corporate governance. As leaders in the management and execution of global supply chains, we hold ourselves to the highest ethical standards, and expect the same of our supply chains. Our members remain committed to complying with all applicable laws, including those governing fair competition and antitrust, anticorruption and antibribery, and human rights and modern slavery.
It is these internal standards that demand accountability, transparency, compliance and the assurance of human rights. By implementing ethical conduct frameworks within the industry, companies, employees, suppliers, and contractors are empowered to be compliant, achieve a sustainable business model, and mitigate and control risks.
IAGC believes in transparency and fairness in the conduct of all business activities. Open and honest dealings between companies, and with governments, individuals, and stakeholder groups is key to upholding the ‘social license’ to operate. Corporate Governance of business activities is vital for sustainable development, by developing and delivering these positive social and economic impacts.