(Updates with new Equinor's targets)
June 15 (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.
Some companies, including Royal Dutch Shell, BP, Norway's
Equinor and Spain's Repsol, aim to reduce some or eliminate all
of their emissions by 2050.
Others, including Total, are focusing on reducing the carbon
intensity of their operations and products.
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 that
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 its equity barrels
from well to petrol
station to zero by 2050
Reduce GHG intensity of
all products it sells by
50% by 2050
Chevron yes no no yes Targets 35% reduction in
GHG intensity by 2028
from 2016 base
Reduce flaring intensity
by 65% by 2028
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 absolute emissions
to net zero by 2050; by
25% by 2025 and by 65% by
2040
Targets includes products
purchased from third
parties
Equinor yes yes yes yes Reduce net GHG emissions
to net zero by 2050
Reduce carbon intensity
by 20% by 2030, by 40% by
2035 Exxon yes yes no yes Reduce methane emissions
intensity by 40% to 50%
versus 2016 levels by
2025
Eliminate routine flaring
and cut upstream Scope 1
and Scope 2 gas emissions
by 30% by 2030; report
Scope 3 emissions.
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 10% by 2025
(per gigajoule), 20% by
2030, 40% by 2040
Reduce absolute emissions
by 3 mln tonnes by 2025
(incl. Scope 3)
Reduce methane emissions
by 25% by 2025
Shell yes yes yes yes 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
Total yes yes yes yes Worldwide Scope 3
emissions lower in 2030
vs 2015
Overall Scope 1, 2, 3
emissions intensity
reduction by at least 60%
by 2050
40% reduction in its
Scope 1 and 2 emissions
in 2030 compared to 2015
Overall Scope 1, 2
emissions to net zero by
2050
European Scope 1, 2, 3
emissions down 30% by
2030 in absolute terms,
100% by 2050
Five mln tonnes/year of
carbon sinks by 2030
Methane intensity targets
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 and Ron Bousso. Editing by Emelia
Sithole-Matarise, David Gregorio, Mark Potter, Barbara Lewis,
Jonathan Oatis and Louise Heavens)
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