Elcogen is committed to adopt best practice and making a positive contribution to the environment and the society in which we operate, ensuring we address the concerns of our stakeholders, and, where possible and appropriate, report our Environmental, Social and Governance (ESG) risks and opportunities.
Whilst ESG issues formally fall under the oversight of the Audit, Risk and Sustainability Committee of the Board, which is chaired by Non-executive Director Carolyn Clarke, Elcogen’s senior management team direct and guide our ESG risks and opportunities and adopting best practice is filtered throughout all layers of the Company. Beyond this, the Audit Risk and Sustainability Committee provides constructive challenge to management.
The Directors recognise that ESG reporting will develop over time but have already started the collection of data to enable the process to commence and to provide a clear and transparent reporting standard. The results of this initial data collection are set out below.
All Elcogen’s revenues come from the production of fuel cells, which are recognised by FTSE Russell’s Green Revenues Classification System (Sector EQ 04.0).
The Group directly addresses five of the United Nations’ Sustainable Development Goals (“SDGs”):
Goal 7, Affordable and Clean Energy:
Elcogen’s SOFCs contribute to target – increase the share of renewable energy by replacing fossil fuel powered sources of energy in transport and stationary power applications. Also increase energy efficiency because the electric efficiency of Elcogen’s fuel cells is much higher than conventional methods of power generation and best-in-class within the fuel cell peer group.
Goal 9, Industry, Innovation and Infrastructure:
Elcogen’s SOFCs support target – improving the material and operating efficiency of fuel cells and replacing electricity infrastructure dependent on fossil fuels with lower efficiency.Goal 11, Sustainable Cities and Communities
Goal 11, Sustainable Cities and Communities
Elcogen’s SOFCs produce no greenhouse gas emissions, directly contributing to target – reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality.
Goal 12, Responsible Consumption and Production
Elcogen’s SOFCs are reversible and can produce clean hydrogen or energy out of hydrogen and oxygen, directly contributing to target – sustainable production and efficient use of natural resources.
Goal 13, Climate action:
Elcogen participates in government sponsored research projects to help provide climate mitigation and adaptation technologies, directly contributing to target – strengthen resilience and adaptive capacity.