Environmental Social and Governancemegicorp2020-03-06T21:23:32-08:00
In connection with its mission to develop and operate the world’s cleanest and most technologically advanced oil refineries in the world, Meridian works with its suppliers, customers, contractors, financiers and partners to identify, assess and manage environmental and social risks and impacts on an ongoing basis. Meridian believes that carrying out its activities and its collaborations with others in a manner consistent with the Equator Principles not only promotes sustainable environmental and social performance, but also can lead to improved financial performance and long-term value for Meridian’s shareholders.
Meridian’s founders and management, in response to the philosophical orientation of its team and to the apparent demand for cleaner refineries and refined products in both the consumer and investment markets, has created a new type of refining company that surpasses the permitting requirements of all relevant regulatory jurisdictions.
Meridian did this not because of government dictates or to fulfill the terms of government subsidies or funding, but because it is what its founders and management team chose to do in their own enlightened self-interest – create a firm that would be a profitable agent of change in cleaning up one of the most archaic and under progressed segments of the energy industry. The Davis Refinery, which is Meridian’s flagship facility, will exhibit one-eighth of the pollutant air emissions and less than one-half of total greenhouse gas emissions of the domestic US refinery industry average.
Meridian has watched with great interest as the energy and energy-financing industries have gradually come to embrace cleaner energy. Those are principles that Meridian was founded on, and the Company is grateful to see these other industry players catching up with Meridian. Since the industry has now adopted a responsible approach to managing Environmental, Social and Governance (“ESG”) issues, including standards such as the Equator Principles, Meridian has taken the step of organizing its various documentation and policies into its Environmental and Social Management Plan (“ESMP”) for review by outside firms, including investors.
ESG COVER LETTER
Free market economies such as the United States have had a very good history of pollution control, particularly as the “market” for cleaner industry began to emerge in the 1960s, and since that period, the amount of carbon generated in the US per $ of GDP has declined steadily.Fossil fuels are not only increasingly abundant but can also be made substantially cleaner, whereas there are significant scientific barriers to the efficient and cost-effective replacement of fossil fuels by other technologies.
The purpose of the Environmental, Social and Governance Steering Committee (the “ESG Committee”) of Meridian Energy Group Inc. (the “Company”) is to support the Company’s on-going commitment to environmental, health and safety, corporate social responsibility, corporate governance, sustainability, and other public policy matters relevant to the Company (collectively, “ESG Matters”).
Meridian Energy Group Inc., (“Meridian” or the “Company”) understands that large infrastructure and industrial Projects can have adverse impacts on people and on the environment. As developers of multiple large projects (“Projects”), the Company works with its partners and contractors (“Partners”) to identify, assess and manage environmental and social risks and impacts in a structured way, and on an ongoing basis. Such collaboration promotes sustainable environmental and social performance and leads to improved financial, environmental and social outcomes. Where appropriate, Meridian encourages its Partners to address potential or actual adverse risks and impacts identified during the Project Development and Commercial Operations Lifecycle.