Today's guest is Sue Brown, Executive Group Director of Sustainability at Worley.. As a leading global provider of professional project and asset services in the energy, chemicals and resources sectors, Worley is on the frontlines of doing the actual work to engineer and build everything we're going to need for the clean energy transition, and they're doing so across industries and the globe. The last few months of 2022 saw me go back to academic learning for the first time in over a decade, with the Cambridge Institute for Sustainability Leadership (CISL) studying Business . Job. Sustainability has become a password to the future for Worley ((WOR)) which intends to take advantage of work encompassed in contracts involving decarbonisation, resource oversight, asset maintenance and environmental consulting. For more info SHARE ANALYSIS: WOR, Worley has emphasised the longer-term energy transition in its investor briefing and believes it can win a substantial portion of this new work, -Sustainability services are a growing proportion of the bid pipeline-Parts of traditionalbusiness under structural pressure-Cost savings, revenue growth likely to drive better H2. We expect them to leverage their existing relationships with upstream operators to win sustainability work, as traditional energy operators ramp up their energy transition efforts., Morgan Stanley analyst Adam Martin, who has lowered his price target on Worleys stock to $11 per share from $11.30 per share previously but kept an equal weight rating, says the challenge for investors in the near term is gauging whether sustainability projects are growing fast enough to apply a higher multiple than the long-run average of the company.. I love my job. Every day, amazing people do amazing things. . Worley is committed to making a difference and we currently have exciting projects delivering energy transition. As leaders in energy, chemicals and resources, we have a responsibility to shape and support the future of our markets in sustainable development. The broker notes more than 35 new offshore wind projects were awarded to Worley over the past 14 months and the sales pipeline is more than 10x the sales achieved in FY20. "Worley's inclusion on the DJSI is a recognition of the hard work and focus of our people on delivering a more sustainable world with our customers, partners, and communities globally," said Sue Brown, Executive Group Director Sustainability at Worley. Sustainalytics is of the opinion that the Worley Limited Sustainability-Linked Bond Framework aligns with the Sustainability-Linked Bond Principles 2020. Planet and Sustainability is demonstrated in Worley's broader ambitions in the energy transition space extend from early-stage concept . Consumers are aware that their behaviours within the home impact sustainability and plan to take greater action in the future. "]. Citi takes the opportunity to revise growth projections for the energy segment in FY21-25 because of strong oil prices, noting thesegment comprises around 47% of revenue and the backlog has increased to $14.1bn as of the end of March, up 4% since December. The average employee at WorleyParsons makes $86,748 per year. (Thai Union), the world's leading seafood processor, has successfully priced a THB 5 billion seven-year senior, unsecured Sustainability-Linked Bond (SLB) for institutional investors. Worley says the deal is part of its goal to achieve 75% of its revenue from sustainable practices within five years. The COP describes any action(s) that the company plans to undertake by its next COP to have the credibility of the information in its COP externally assessed, including goals, timelines, metrics, and responsible staff, Information is reviewed by multiple stakeholders (e.g., representatives of groups prioritized in stakeholder analysis), Information is reviewed by a panel of peers (e.g., members of the same industry, competitors, benchmarked leaders, others organized via Global Compact Local Network), Information is assured by independent assurors (e.g., accounting or consulting firm) using their own proprietary methodology, Information is assured by independent assurors (e.g., accounting or consulting firm) against recognized assurance standard (e.g., ISAE3000, AA1000AS, other national or industry-specific standard), Is 'in accordance - core' with GRI Standards, Applies the GRI Sustainability Reporting Guidelines or the GRI Standards, Is 'in accordance - comprehensive' with GRI Standards, Applies elements of the International Integrated Reporting Framework, Provides information on the companys profile and context of operation, Communicate policies and expectations to suppliers and other relevant business partners, Implement monitoring and assurance mechanisms (e.g. whistleblower mechanisms) for reporting concerns or seeking advice regarding environmental impacts, Assessments of lifecycle impact of products, ensuring environmentally sound management policies, Support by the organizations leadership for anti-corruption (B4), Carrying out risk assessment of potential areas of corruption (D3), Human Resources procedures supporting the anti-corruption commitment or policy, including communication to and training for all employees (B5 + D8), Internal checks and balances to ensure consistency with the anti-corruption commitment (B6), Management responsibility and accountability for implementation of the anti-corruption commitment or policy (D7), Communications (whistleblowing) channels and follow-up mechanisms for reporting concerns or seeking advice (D9), Internal accounting and auditing procedures related to anticorruption (D10), Actions taken to encourage business partners to implement anti-corruption commitments (D6), Publicly stated formal policy of zero-tolerance of corruption (D1), Commitment to be in compliance with all relevant anti-corruption laws, including the implementation of procedures to know the law and monitor changes (B2), Policy on anti-corruption regarding business partners (D5), Statement of support for international and regional legal frameworks, such as the UN Convention against Corruption (D2), Detailed policies for high-risk areas of corruption (D4), Leadership review of monitoring and improvement results (D12), Outcomes of integration of the anti-corruption principle, Public legal cases regarding corruption (D14), Use of independent external assurance of anti-corruption programmes (D15), Align core business strategy with one or more relevant UN goals/issues, Develop relevant products and services or design business models that contribute to UN goals/issues, Adopt and modify operating procedures to maximize contribution to UN goals/issues, Pursue social investments and philanthropic contributions that tie in with the core competencies or operating context of the company as an integrated part of its sustainability strategy, Coordinate efforts with other organizations and initiatives to amplifyand not negate or unnecessarily duplicatethe efforts of other contributors, Take responsibility for the intentional and unintentional effects of funding and have due regard for local customs, traditions, religions, and priorities of pertinent individuals and groups, Publicly advocate the importance of action in relation to one or more UN goals/issues, Commit company leaders to participate in key summits, conferences, and other important public policy interactions in relation to one or more UN goals/issues, Develop and implement partnership projects with public or private organizations (UN entities, government, NGOs, or other groups) on core business, social investments and/or advocacy, Join industry peers, UN entities and/or other stakeholders in initiatives contributing to solving common challenges and dilemmas at the global and/or local levels with an emphasis on initiatives extending the companys positive impact on its value chain, Publicly recognize responsibility for the companys impacts on internal and external stakeholders, Define sustainability strategies, goals and policies in consultation with key stakeholders, Consult stakeholders in dealing with implementation dilemmas and challenges and invite them to take active part in reviewing performance, Establish channels to engage with employees and other stakeholders to hear their ideas and address their concerns, CEO leads executive management team in development of corporate sustainability strategy, defining goals and overseeing implementation, CEO publicly delivers explicit statements and demonstrates personal leadership on sustainability and commitment to the UN Global Compact, CEO promotes initiatives to enhance sustainability of the companys sector and leads development of industry standards, Make sustainability criteria and UN Global Compact principles part of goals and incentive schemes for CEO and executive management team, Board of Directors (or equivalent) assumes responsibility and oversight for long-term corporate sustainability strategy and performance. Ord Minnett agrees with this assessment, noting that near-term risks exist in that exploration & production companies are yet to commit to large-scale growth. They track the performance of 10percent of the top companies in each industry in the developed markets globally, selected by the S&P Global ESG Score. Inclusion of reference to the principles contained in the relevant international labour standards in contracts with suppliers and other relevant business partners, Specific commitments and Human Resources policies, in line with national development priorities or decent work priorities in the country of operation, Reflection on the relevance of the labour principles for the company. Sustainable economic growth will be essential to deal with these increasing challenges as the world recovers from the pandemic. Sustainalytics considers the SPT to be aligned with the Issuer's sustainability strategy and considers the SPT to be highly ambitious based on a comparison with past performance and peers targets, and on its alignment with science-based trajectories. Copyright 2022 Sustainalytics. We operate in an environmentally responsible manner. Follow the topics, people and companies that matter to you. Marian was responsible for Sustainability and Assurance activities at Worley, providing leadership of the Group Project Management Office, Corporate Procurement, Innovation and business assurance on the effectiveness and efficiency of the Worley internal controls, reliability of reporting and compliance with laws and regulations. This year, weve expanded our Scope 3 reporting to include 11 out of the 13 applicable Scope 3 categories to us, as defined in the Greenhouse Gas Protocol. Supporting Spain's sustainability journey through floating offshore wind. Regular BTX is typically derived from the catalytic reforming of naphtha in a petroleum refinery. . 2016_Corporate_Responsibility_Report.pdf (English) . Sustainability has become a password to the future for Worley ( ( WOR )) which intends to take advantage of work encompassed in contracts involving decarbonisation, resource oversight, asset maintenance and environmental consulting. The complexity, scale and rate of change we are facing into will be unlike anything we've seen in our lifetimes. JP Morgan analyst Mark Busuttil, who has a 12-month target of $11.30 per share on Worleys stock and a neutral rating, said some investors may be overly optimistic on the timing of the companys future earnings growth. We were recognized as best in class for sustainability performance for the DJSI Australia and the DJSI Asia Pacific given our headquarters in Australia. The DJSI World applies a transparent, rules-based constituent selection process based on the companies S&P Global ESG Score resulting from the annual S&P Global Corporate Sustainability Assessment (CSA). Develop a plan to support biodiversity and nature positivity in our project work. How is the accuracy and completeness of information in your COP assessed by a credible third-party? The energy transition is a change in how humanity develops, uses and benefits from energy. Engineering firm Worley has released its Sustainability Report 2020, which highlights strong progress on delivering sustained economic, social, and environmental progress for communities across the world by deploying the latest digital and sustainability innovations for its customers. We like the companys focus on sustainability, which should reap benefits as the energy transition accelerates, he said. Im excited about the rate of change were seeing in the sustainability space, I think weve got a strong pivot towards that in the future, Chris Ashton, who has remained in the US during the COVID-19 outbreak, told The Australian Financial Review after Worley delivered a 50 per cent drop in annual net profit last week. 413-538-3091. No portion of this website may be reproduced, copied or in any way re-used without written permission from FNArena. A secondary role will include proposal generation and technical expertise in support of sales opportunities. The 18th-century industrial revolution saw us switch from wood to coal for energy. Proactively build your talent network across ANZ within the Energy, Renewables and Sustainability sectors. About Worley. Be part of the solution.The dual challenge of supplyingSee this and similar jobs on LinkedIn. Biography. Worleys inclusion on the DJSI is a recognition of the hard work and focus of our people on delivering a more sustainable world with our customers, partners, and communities globally, said Sue Brown, Executive Group Director Sustainability at Worley. UBS is also neutral on Worleys stock but raised its 12-month price target after the companys annual results to $11.65 per share from $11.45 per share previously. by FY2025, which is a 50% reduction with respect to restated FY2020 baseline of 114,343t CO2-eq. No single technology can solve our decarbonization challenge. Her interests include bridging sustainability research and industry practice. How to convert thinking into action by outlining the indicators needed to measure and drive change in the race to deliver net zero. 2 Our FY2020 energy and emissions were also impacted by the COVID-19 pandemic, but this has not been quantified as this was our baseline emissions year. big and growing market for energy transition projects. 5. Make sustainability criteria and UN Global Compact principles part of goals and incentive schemes for CEO and executive management team. Worley. The reporting commitments are aligned with the SLBP. Mr Ashton has promised to give shareholders more detail on Worleys targets for making money from sustainability projects at an investor day in December. Investors with longer-term horizons may prefer to look through to fiscal 2023/2024 and the leverage Worley offers to a global economic re-opening and increased energy transition capex, Mr Reilly said. Our environmental management approach is guided by an understanding of the potential environmental and socioeconomic impacts of our operations and a commitment to develop, maintain, and . a 50 per cent drop in annual net profit last week. Minera plans and develops technology programs for mining operations that fit within their current processes and can help them improve on their existing technology. (Image taken by Albert Lam as part of our Earth Day photo competition). by 2050 for Scope 3. Macquarie assesses cost savings and constant currency revenue growth rather than the mix of business are the likely drivers of a better second half compared with the first. We're moving towards net zero and addressing global energy security and sustainability challenges. We depend on a range of ecosystem services to function, as do our customers. Worley has made a firm commitment to support the energy transition, and central to this is ensuring Project Delivery adheres to cost, schedule and quality and meets appropriate legislation and standards. Alignment of client sustainability and . As a leader in sustainability solutions to the energy, chemicals and resources sectors, we have the opportunity to preserve and improve the state of the environment in our project work. EcoNomics is WorleyParsons' non-technical risk / business sustainability offering, which includes a range of tailored, expert services and proprietary technologies that profitably embed environmental, social and financial sustainability into all aspects of the asset life cycle. UBS analyst Nathan Reilly forecasts Worleys fiscal 2022 earnings before interest, taxation and amortisation will rise 14 per cent to $534 million, mostly due to cost-cutting but warns some project deferrals are likely to continue over the next 12 months. And the scale and pace of change needed is extraordinary, presenting unique challenges for the worlds biggest energy, chemicals and resources businesses. Creating a greener and more equitable world, the Miller Worley Center for the Environment prepares environmental leaders for today and the future by promoting a culture of environmental sustainability and justice on campus and beyond. In addition, 68% of consumers said that they want to use less energy for heating and . Worley is committed to making a difference and we currently have exciting projects delivering energy transition . We have a strong purpose underpinned by our values and behaviors. Make a real difference - witness the results - be a part of the Worley journey today! Worley's five-year senior unsecured bond comes with a sustainability performance target of reducing its absolute scopes 1 and 2 emissions by at least 57,177t carbon dioxide equivalent by FY2025, compared to its 2020 baseline. Decarbonisation is the largest segment being targeted and Worley estimates investment of US$1.5 trillion per annum with an associated addressable market up to US$225bn. DR. PAUL EBERT Advisian - the consulting arm of Worley. Yet the broker acknowledges oil prices are rising and assumes some incremental capital expenditure will occur in traditional markets of oil & gas. Australian engineering firm Worley, rated BBB (S&P), broke important new ground on Tuesday with a well oversubscribed 500m (US$611m) no-grow five-year senior unsecured sustainability-linked .