Far East Energy is committed to conducting its business lawfully, ethically and in a socially and environmentally responsible manner. We believe exemplary performance in the areas of environmental, health and safety is essential to fulfilling our business goals and meeting the expectations of our stakeholders.
Far East Energy's management team is committed to this philosophy. We expect to achieve excellence in environmental, health and safety performance through the active participation and support of all management, employees and contractors. Our commitment is to integrate the following into all our decisions affecting our operations:
- Our goal is zero harm to people and the environment while creating value for all our stakeholders.
We will comply will all applicable environmental, health and safety laws and regulations and use sound professional judgment where laws and regulations do not exist.
Health and Safety:
We will not compromise occupational health and safety rules. No job is so important and no task so urgent that necessary steps cannot be taken to perform it safely to maintain the health of our employees, contractors and general public.
We will continually seek to understand our relationship to the environment and adopt technically sound and economically feasible controls that will avoid or mitigate any negative impact of our operations.
We will employ appropriate technology to minimize discharges, reduce waste, use material efficiently and encourage recycling.
We will provide our employees with the training and the tools to ensure they have the knowledge and skills needed to implement this philosophy and perform their jobs competently.
We recognize that our actions can affect our neighbors and we are dedicated to improving the compatibility of our operations within the communities where we do business.
We make every attempt to identify and control environmental, health and safety risks and ensure that appropriate contingency plans are in place to address unforeseen events.
We demand high quality, environmentally sound and safe work from our contractors. We expect them to supply and retain quality personnel who are properly trained and equipped to perform their jobs safely.
Far East Energy believes that sound environmental, social, health and safety performance is an integral part of our success. We conduct our business with respect and care for our employees, contractors, communities and the environment in which we operate.
IFC Performance Standards
Far East Energy meets international standards set by the International Finance Corporation (IFC) on social and environmental sustainability.
The International Finance Corporation (IFC) released their updated Sustainability Framework. The IFC is the private sector arm of the World Bank Group headquartered in Washington DC. It "fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in the international financial markets, and providing advisory services to businesses and governments."
The IFC's Sustainability Framework — which will become operational in January 2012 — also provides the basis for the Equator Principles which are "a credit risk management framework for determining, assessing and managing environmental and social risk in project finance transactions." These Principles have been adopted by over 70 financial institutions, covering over 70% of international project finance debt in developing countries.
The IFC Performance Standards are:
- PS1 - Assessment and Management of Social and Environmental Risks and Impacts
- PS2 - Labour and Working Conditions
- PS3 - Resource Efficiency and Pollution Prevention
- PS4 - Community Health, Safety and Security
- PS5 - Land Acquisition and Involuntary Resettlement
- PS6 - Biodiversity Conservation and Sustainable Management of Living Natural Resources
- PS7 - Indigenous Peoples
- PS8 - Cultural Heritage