complex for individual companies to tackle alone. IPIECA represents its members by engaging with stakeholders and governments on climate change related topics. It enables collaborative work with stakeholders by promoting an understanding of the key role the oil and gas industry should play in providing innovation, global reach, knowledge and technical expertise to help develop and implement feasible future energy solutions.”167 “Hess considers the physical risks associated with climate change – such as increased severity of storms, drought and flooding – for both new projects and existing operations through our ERM and value assurance processes. For example, meteorological and oceanographic studies undertaken for offshore developments include modeling that incorporates assumptions from the latest climate change science.”168 “Oil and gas are essential to meet the world’s growing energy demand, and we are committed to developing these resources in an environmentally responsible and sustainable manner. Our environment, health, safety and social responsibility (EHS & SR) strategy incorporates climate change into our risk management process and addresses actions we can undertake to control and reduce our carbon footprint.”169 “Even in the Sustainable Development scenario (which is consistent with a 50 percent chance of limiting the concentration of carbon dioxide in the atmosphere to around 450 parts per million), worldwide energy use is projected to grow by 2 percent through 2040 and oil and gas is expected to account for 48 percent of the energy mix in 2040, down slightly from 54 percent today. The IEA has indicated that the challenges of achieving the Sustainable Development scenario are substantial, requiring a major reallocation of energy-sector investment capital. The IEA states that ‘even in the carbon-constrained world of the Sustainable Development scenario, upstream oil and gas investment remains a major component of a secure energy system’ (World Energy Outlook 2017, pp. 27–30). Therefore, Hess has no reason to assume widespread stranding of upstream assets.170 Statements on Human Rights “Hess Corporation is committed to protecting the health and safety of our employees and neighbors, safeguarding the environment, creating a sustainable positive impact in our host communities and respecting all human rights where we operate. While governments have the principal role in protecting human rights, we believe that our company can and should respect and advance human rights in our sphere of influence. We recognize that we often operate in politically challenging and complex environments. We believe that this also presents us with an opportunity to make Id., p. 39. Id., p. 40. 169 Id., p. 39. 170 Hess Corp. (June 2010), Human Rights Policy, available at http://www.hess.com/docs/defaultsource/sustainability/human-rights-policy.pdf?sfvrsn=8 (last accessed on 12 September 2019). 167 168 Annex D: Corporate Statements on Climate Change and Human Rights | 43