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DCP Midstream Releases Third Annual Sustainability Report and Announces Progress Towards Emission Reduction Goals

Environmental ESG Reporting

DCP Midstream Releases Third Annual Sustainability Report and Announces Progress Towards Emission Reduction Goals

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DCP Midstream, LP (NYSE: DCP) published its third annual Sustainability Report. The report, titled “Fundamentally Sustainable” includes a comprehensive discussion of environmental, social, and governance strategies, as well as outcomes from the 2021 calendar year.

“Last year we set aggressive goals for greenhouse gas emission reductions, and we’re excited to report an 8% reduction in Scope 1 and Scope 2 emissions in 2021, bringing us to a total 23% reduction since 2018,” said Wouter van Kempen, chairman, president, and CEO. “Each day, the impact of natural gas and natural gas liquids directly benefits our communities, our economy, and our quality of life, and we’re committed to meeting society’s growing energy needs in a sustainable manner.”

See Related Article: Thomson Reuters Expands Reporting of Key Metrics in 2021 Social Impact & ESG Report

The report includes initial alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), providing enhanced descriptions on internal assessment and management practices around sustainability and climate-related matters, including relevant risks and opportunities to the business. Sustainability highlights from 2021 include:

  • A 23% reduction in Scope 1 and Scope 2 greenhouse gas emissions since 2018 versus a goal of a 30% reduction by 2030, inclusive of an 8% reduction in greenhouse gas emissions in 2021
  • An 80% reduction in volume of hydrocarbon spills greater than one barrel since 2018
  • Multiple company safety records, including number of days worked without an OSHA recordable injury and the fewest number of recordable injuries in a single year
  • Awarded the Environmental Excellence Award from the GPA Midstream Association for the sixth time in the twelve-year history of the award
  • Executed the energy industry’s first ESG-linked accounts receivable securitization facility, including ESG-linked KPIs that increase or decrease certain fees based on DCP’s safety and emissions performance
  • Established a board level Sustainability Committee to provide oversight of sustainability-related matters including enhanced governance around environmental, social and governance strategies, activities, and performance
  • Progressed inclusion and diversity outcomes, including an increase in female and diversity representation in leadership, creation of a women’s mentorship program, and a dedicated full-time resource to lead these efforts
  • Joined the CEO Action for Diversity & Inclusion, a network of over 2,000 signatories across 85+ industries, committed to advancing diversity and inclusion in the workplace
  • Achieved a four-point improvement in our Employee Satisfaction score and a six-point increase in our Employee Belonging score

An electronic version of the report is available and the report includes disclosures based on the Sustainability Accounting Standards Board (SASB) Midstream Reporting Standards and the Energy Infrastructure Council (EIC) and GPA Midstream Association ESG Reporting Template.

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