(Updates BP, TotalEnergies, adds detail on what scientists says is needed in terms of emissions cuts)
(Reuters) – 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 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 Scope Scope Link Details
1 2 3 to
exec.
pay
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(n yes Targets net zero
ot emissions from Scope 1
net and 2 from its equity
zero) output by 2050
>5% reduction in carbon
emission intensity,
including Scope 3, by
2028 vs 2016
Reduce methane intensity
by 50% by 2028; zero
routine flaring by 2030
ConocoP yes yes no Reduce GHG emissions
hillips 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
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 net GHG emissions
to zero by 2050,
including Scope 3
emissions from customers’
use of Equinor’s equity
production volumes
Reduce upstream CO2 per
boe produced to below 8
kg by 2025
Achieve carbon neutral
global operations by 2030
Reducing absolute
greenhouse gas emissions
from operated fields and
onshore plants in Norway
towards net zero by 2050
without offsets
To ensure no routine
flaring and near zero
methane emissions by 2030
Reduce net carbon
intensity to zero by 2050
Exxon yes yes no yes Reach net zero for Scope
1 and 2 emissions by 2050
Reduce methane emissions
intensity by 40% to 50%
versus 2016 levels by
2025
Performance share award
pay tied to managing
risks related to climate
change.
Repsol yes yes yes yes Reduce net carbon
emissions to zero by 2050
(incl. Scope 3 from own
barrels produced)
Reduce carbon intensity
vs 2016 by 15% by 2025
(per gigajoule), 28% by
2030, 55% by 2040
Reduce absolute emissions
from operated assets
(Scope 1 and 2) by 55%
and net emissions by 30%
(incl. Scope 3 from own
barrels produced) by 2030
Reduce methane intensity
by 85% by 2025
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
TotalEn yes yes yes yes 40% reduction in Scope
ergies 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
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 and Barbara Lewis)
