Citi Perspectives Spring 2020

46 | Treasury and Trade Solutions INPEX is focused on enhancing its governance system and progress across areas such as business strategy, transparency and risk, and opportunity investigation in relation to climate change and greenhouse gas emissions management, aligned with its aims to contribute to a lower carbon energy society based on the long-term targets of the Paris Agreement. INPEX will continue to strengthen its environmental, social and governance initiatives throughout the supply chain. INPEX will also focus on contributing to the United Nations Sustainable Development Goals through its business, maintaining respectful communications and building trust with its stakeholders. INPEX supports global standards relating to human rights, such as the International Bill of Human Rights, the International Labor Standards of the International Labor Organization and the UN Guiding Principles on Business and Human Rights. In 2011, INPEX adopted The Ten Principles of the UN Global Compact, including those relating to labor, anti-corruption and the environment. INPEX is an active member of IPIECA, the global oil and gas industry association for environmental and social issues. Larrakia Ichthys LNG Foundation Trust* In November 2018, INPEX on behalf of the Ichthys Joint Venture, agreed with the Larrakia people, the Traditional Owners of the land and waters on which the onshore LNG processing facilities stand in Darwin, to provide AU$24 million in benefits over 40 years. The agreement recognizes the important role the Larrakia people played in supporting Ichthys LNG through construction and highlights the continued importance of the relationship between INPEX and the Larrakia people. The funds are held in trust and distributed based on the advice from the INPEX Larrakia Advisory Committee, a group primarily comprising of Larrakia people from a range of backgrounds and experience. The funding aims to provide a range of economic, educational and social programs and opportunities. Prior to finalizing the Larrakia Ichthys LNG Foundation Trust agreement, INPEX-operated Ichthys LNG awarded university scholarships, grants to support school participation for youth and the installation of air conditioners for the elderly and people with disabilities. The Larrakia Ichthys LNG Foundation Trust is the first such initiative in Australia signed, outside of Native Title legislation, between Traditional Owners and an operating production company. Economic benefits to Australia* INPEX commissioned independent consultancy ACIL Allen to undertake an assessment estimate of the economic contribution over the life of Ichthys LNG (2012-2050). Key findings included: • AU$195 billion in exports for Australia. • AU$190 billion in additional Gross Domestic Product for Australia.