Socially responsible business
In line with the current pace of navigating international net zero objectives, IPC is committed through its own efforts to developing zero carbon or carbon neutral power projects around the globe. In the last three years IPC has shifted its primary focus primarily to renewable energy sources such as wind, hydro and solar where it already has some 5,000 MW of renewable projects in its development portfolio.
In cases when intermittent or back up power is required in the form of conventional gas-fired power stations, IPC has worked to find technological solutions that neutralise carbon effects such as deploying distributed carbon capture and storage CCS) technologies on stranded offshore gas fields.
This commitment stretches back to the early 2000s when IPC pioneered the use of carbon credits for financing the conversion of open cycle gas turbine plants to combined cycle power plants emitting 40 per cent less carbon dioxide for every hour of electricity generated. IPC obtained United Nations recognition with its newly approved carbon credit methodology named after an IPC power plant at the UNCCC. IPC carbon credits in the developing world were sold to KfW of Germany and to the Kingdom of Spain as part of their climate change initiatives.
As an energy company IPC is acutely aware of the potential impact of its activities and so it recognises the importance of balancing the interests of all of its key
stakeholders – shareholders, employees, clients and the local communities in which it operates. All IPC ventures aim to:
- reduce environmental impact and focus on sustainable development
- engage with local communities in a socially responsible manner
- ensure a safe working environment for employees
- minimise the environmental footprint of the power plants which serve the regions in which they are located