(Updates Equinor's targets)
Nov 2 (Reuters) - Norway's Equinor aims to reach net-zero emissions of
greenhouse gases from production and final consumption of its energy products by 2050, the
company said on Monday.
Achieving net-zero emissions required a well-functioning market for carbon capture and
storage (CCS, so-called natural sinks, as well as the development of competitive technologies
for hydrogen, it added.
Equinor said 'net zero' meant achieving an overall balance between the amount of
greenhouse gases (GHG) added to, and removed from, the atmosphere.
It also wants to reduce net carbon intensity to zero by 2050.
Intensity-based targets measure the amount of GHG emissions such as methane or 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.
The table below shows details by company (in alphabetical order):
Targets Scope 1 Scope 2 Scope 3 Link to executive pay Details
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 Lower upstream oil net GHG
emission intensity by 5-10%,
upstream natural gas net GHG
emission intensity by 2-5% by
2023 Methane intensity target
ConocoPhi yes yes no Reduce GHG emissions
llips intensity by up to 15% (CO2e
per boe) by 2030 per boe vs
2017 levels
Eni yes yes yes yes Reduce absolute emissions by
80% and emissions intensity
by 55% by 2050 Includes products purchased
from third parties 2030 net zero carbon target
in Scope 1 and 2 for upstream
activities, overall group by
2040 Methane reduction target
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 no no no Methane intensity target
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 Ambition to be zero-emissions
energy business by 2050
(Scope 1, 2, 3) Reduce net carbon footprint
(an intensity-based measure
of carbon emitted per energy
unit) of all products sold by
at least 3% vs 2016 by 2022
and by 65% by 2050 (Scope 3) Use of nature-based offsets
and carbon capture technology
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 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 Jason Neely and Emelia
Sithole-Matarise)
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