Climate Change

MOL Group considers climate change caused by the emission of greenhouse gases to be one of mankind’s major economic-social-environmental problems; an issue of utmost importance for sustainable development. MOL Group is committed to minimize its environmental footprint and aims to decrease the greenhouse gas emissions throughout the entire value chain of its operations.

Climate protection for MOL Group does not only mean mitigating CO2 emissions but also includes the wider preparation for an economy more reliant on low carbon technologies in the long run.

Climate Change Statement

OUR CARBON FOOTPRINT

As an international, integrated oil and gas company, MOL Group has a significant carbon footprint. We consider being transparent about the effects of our operations a high priority and also committed to reduce our greenhouse gas emissions. MOL Group's total carbon footprint includes the direct emissions from our operations (Scope-1), indirect emissions related to purchased energy (Scope-2) and also the emissions not related to our operations but to the use of our products or emissions generated by our suppliers (Scope-3). This site aims to present the magnitude of these emissions, their breakdown by sources or activities and to place them into the context of international benchmarks.

REDUCING GHG EMISSIONS

As an energy company processing natural resources and producing fossil fuels, reduction of GHG emissions, especially CO2, has become an integral part of our business. Key areas of focus which deliver GHG reductions are energy efficiency and energy savings, optimization of process control, elimination of energy losses and the reduction of flared and vented gases. We have an established emission trading structure managed by our subsidiary MOL Commodity Trading, through which we efficiently manage allowances with the aim of generating additional financial resources that can be used for turning our GHG reduction plans into reality.

SOLAR POWER

MOL Group has a long-standing experience in conventional energy production, however, as part of its 2030 strategy it aims to prepare for beyond the fuel age and explore opportunities arising from alternative energy technologies. During 2018, MOL Group began to build photovoltaic power plants in three Hungarian sites. They were place in previously unused areas, and are planned to operate at a total capacity of 18.38 MWp (equivalent to the consumption needs of more than 9,000 households). Apart from covering parts of the energy needs of its own operation, the project provides an excellent opportunity for MOL to acquire expertise in the solar technology field and seize future opportunities in this promising market.

GEOTHERMAL ENERGY

MOL Group has been in the process of planning the development of its first deep geothermal project seeking to utilize geothermal energy as a renewable energy source. After geophysical explorations, obtaining the construction and power generation-feed-in permits and signing the grid connection contract with the operator the project is still in development phase, so no energy was generated during 2018. Depending on the number of outcomes, the start of power generation is scheduled for 2021 with a built-on capacity of 3.85 MWe.