Environmental, Social and Governance Report
With the increasing focus on environmental, social and governance (ESG) issues around the world and the widespread concern over sustainable conservation of natural resources, Eden Geothermal Ltd (EGL) presents its ESG report.
We engage with a wide range of stakeholders in our business, including local residential and business communities; service providers; financial investors; local and national government bodies; geoscientific research organisations and academic institutions. At our site at Bodelva in Cornwall, we are leading the development of deep geothermal energy on a commercial scale.
We also consider that a responsible corporate outlook helps us:
- demonstrate the quality of our management;
- identify how we are mitigating exposure to any business risks;
- ensure we safely deliver our well system on budget and on time;
- operate our well system efficiently for the benefit of the surrounding area as well as reducing the overall carbon footprint.
As part of the renewable energy sector, we are committed to lowering the carbon footprint for heat and power generation of the local area. We are targeting the zero-carbon heat buried deep in the earth. We are currently in the development phase with our first well of a two-well deep geothermal system. The use of the heat from this first well will demonstrate the greenhouse gas (GHG) savings achievable from this project, as well as the long-term level of enhanced GHG savings achieved from the subsequent two-well system.
With this pivotal early step, EGL is working with other experts and interested parties in the geothermal field to develop a wider renewable energy sector for Cornwall and the UK.
When the site is fully up and running, we will generate enough renewable energy for the Eden Project visitor destination in Cornwall to become carbon positive during 2023 as well as being able to provide heat and power for the local area.
Our conscientious environmental footprint includes:
- Energy production – renewable, sustainable and baseload 24/7.
- Carbon dioxide – GHG savings
- Water consumption – we will operate a closed-loop system so once the cycle is established, water used in the facility will be re-inserted back into the well.
- Waste production – drilling waste from our two wells goes through a waste reduction process and is then disposed of by a registered waste operator.
Our ethos is all about aligning and engaging with the local community and also encouraging our talented people to do well with us and giving them every opportunity to succeed. Cornwall is one of the poorest counties in the United Kingdom and we are bringing jobs and investment into the area. As well as providing green renewable heat and power for people and businesses already in the area, we also expect to encourage new businesses to come and use our energy.
Our research and development operations are working closely with our delivery partner, the Camborne School of Mines at the University of Exeter. We are also committed to recruit locally and use local services wherever possible.
EGL has launched an Eden Geothermal Community Fund of £20,000 to support community environmental projects in four neighbouring parishes.
- Employee turnover: 0%
- Health & Safety events in year: None
EGL is a consortium company specifically formed to develop, deliver and operate the deep geothermal site at Bodelva in Cornwall. EGL has secured £17.3m funding to drill its first well comprising grant funding from the European Union through the ERDF, and Cornwall Council as well as institutional funding from Gravis Capital.
The Main Board is composed of members from our equity shareholders; initially EGS Energy Limited, Eden Project Ltd and BESTEC Ltd, with Philp Kent of Gravis Capital joining in 2020. Our Main Board members bring a range of skill sets, experience and qualities to the enterprise. We believe that good governance is also good business, and that transparency helps to build trust and confidence with our stakeholders.
- Female representation on the Main Board: 20%
- Chairman/Exec role split: Yes
Day-to-day operational matters are covered by the Operations Board, which sits below and reports directly to the Main Board. This Operations Board is chaired by Executive Director, Gus Grand, and is composed of a range of people with direct experience in running operations, drilling, engineering and management and experts in geology and geophysics.
We also have a Technical Advisory Committee, chaired by Roy Baria, of leading experts in the field.
In light of our grant funding from ERDF, we are obliged to comply with extensive procurement regulations for the various services we need. This means our main services are put out to tender in a visible and transparent process, ensuring due process and fair commercial terms are achieved. The geothermal industry in the UK falls under the UK Mining Regulations. In our case, our project at Bodelva is regulated by Cornwall Council. Our seismicity management protocol adheres to British Standards from the mining industry and is monitored by the British Geological Society.