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Factbox: Big Oil’s Climate Targets


These translations are done via Google Translate
The world’s top oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the use of the products they sell.

Scientists say the world needs to cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to have any hope of meeting the Paris Agreement goal of keeping warming well below 2C above pre-industrial levels.

Intensity-based targets measure the amount of greenhouse gas (GHG) emissions, such as methane and carbon dioxide per unit of energy or barrel of oil and gas produced.

That means absolute emissions can rise with growing production, even if the headline intensity metric falls.

Reducing emissions will require a well-functioning market for carbon, the scaling up of carbon capture and storage technology, and the development of competitive uses of hydrogen, many of the companies have said.

The table below shows details by company (in alphabetical order):

Targets
Scope 1
Scope 2
Scope 3
Link to exec. pay
Details
BP
yes
yes
yes
yes
Bring net GHG emissions from operations, production and sales to zero by 2050
Reduce operational emissions by 50% by 2030
Cut oil and gas output by 25% by 2030 vs 2019
Scope 3 absolute emissions cut target of 20-30% by 2030 refers to emissions from fuel derived from BP’s own upstream output, excludes oil products BP sells derived from crude produced by other firms
Chevron
yes
yes
yes(not net zero)
yes
Aspires to reach net zero Scope 1 and 2 upstream emissions by 2050
At least 5% reduction in carbon emission intensity, including Scope 3, by 2028 vs 2016
25 mln t carbon storage capacity by 2030
ConocoPhillips
yes
yes
no
Reduce GHG emissions intensity by up to 15% (CO2e per boe) by 2030 per boe vs 2017 levels
Eni
yes
yes
yes
yes
Reduce Scope 1, 2, 3 emissions from equity output by 35% by 2030 and 80% by 2040 vs 2018 and net zero by 2050 on equity basis
Upstream production to fall from 2025
50 mln t carbon capture and storage capacity by 2050
25 mln t nature-based carbon offsets by 2050
Equinor
yes
yes
yes
yes
Reduce carbon intensity Scope 1, 2, 3 by 20% by 2030, 40% by 2035, net zero by 2050
50% reduction in Scope 1 and 2 vs 2015 by 2030 from operated assets
Exxon
yes
yes
no
yes
Aim to reach net zero for Scope 1 and 2 emissions by 2050 of operated assets
Reduce upstream emissions intensity by 40%-50% versus 2016 levels by 2030
Repsol
yes
yes
yes
yes
Reduce carbon intensity vs 2016 by 28% by 2030, by 55% by 2040, by 100% by 2050
Absolute emissions reduction target Scope 1, 2, 3 of 30% vs 2016 by 2030
Shell
yes
yes
yes
yes
Reduce Scope 1 and 2 emissions from operated assets by 50% by 2030 vs 2016 in absolute terms
Reduce net carbon footprint (an intensity-based measure of carbon emitted per energy unit) vs 2016 baseline of all products sold by at least 6% by 2023, by 20% by 2030, by 45% by 2035 and by 100% by 2050 (incl. Scope 3 from products not produced but sold by Shell)
120 mln t nature-based offsets a year by 2030
25 mln t carbon capture and storage capacity a year by 2035
TotalEnergies
yes
yes
yes
yes
40% reduction in Scope 1+2 emissions by 2030 vs 2015
40% reduction in Scope 3 emissions from oil products by 2030 vs 2015
Overall, global Scope 3 emissions to be below 400 mln t/year by 2030 from 389 mln t in 2022
Net zero carbon intensity by 2050 including Scope 3
50-100 mln t carbon capture and storage capacity a year by 2050 which will be used to offset 100 mln t Scope 3 emissions

NOTE: 1) Scope 1 refers to emissions from a company’s direct operations, such as a diesel generator on an offshore platform

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2) Scope 2 are emissions from the power a company uses for its operations, such as gas-powered electricity purchased

3) Scope 3 includes emissions from products sold, such as gasoline sold at petrol stations or jet fuel sold to an airline

4) BOE stands for barrels of oil equivalent

Reporting by Shadia Nasralla, Ron Bousso and Isla Binnie; Editing by Jason Neely, Jonathan Oatis, Barbara Lewis and Emelia Sithole-Matarise


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