boozco managing emissions profits mena

8/13/2019 BoozCo Managing Emissions Profits MENA

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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

[email protected]

Beijing

Chris McNally

Partner

+86-10-6563-8300

[email protected]

Beirut

Dr. Walid Fayad

Partner

+961-1-985-655

[email protected]

Delhi

Suvojoy SenguptaPartner

+91-124-499-8700

[email protected]

Dubai

Tarek Elsayed

Principal

+971-4-390-0260

[email protected]


Senior Associate

+971-4-390-0260

[email protected]

Dsseldorf

Joachim RoteringPartner

+49-211-3890-250

[email protected]

London

Nick Pennell

Partner

+44-20-7393-3237

[email protected]

Dr. Greg Lavery

Principal

+44-20-7393-3333

[email protected]

So Paulo

Arthur RamosPartner

+55-11-5501-6229

[email protected]

Stockholm

Per-Ola Karlsson

Senior Partner

+46-8-50619049

[email protected]

Tom Hinds, Georgie Saad, and Saed Shonnar also contributed to this Perspective.

Booz & Company


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Booz & Company

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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2 Booz & Company

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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Booz & Company

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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4 Booz & Company

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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Booz & Company

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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Booz & Company

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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12 Booz & Company

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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14 Booz & Company

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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Booz & Company

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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16 Booz & Company

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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Booz & Company

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.


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.


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