FACTBOX-Big Oil's climate targets vary widely

by Reuters
Tuesday, 3 December 2019 22:53 GMT

(Adds detail in table on BP's targets) Dec 3 (Reuters) - Spain's Repsol became on Monday the first big oil company to pledge to reduce net carbon emissions from its operations and most of its products to zero by 2050. Here is an overview of the various self-imposed greenhouse gas reduction targets set by the world's big oil and gas companies, which investors and analysts say are difficult to compare. Scope 1 refers to emissions from a company's direct operations, such as a diesel generator on an offshore platform. Scope 2 are emissions from the power a company uses for its operations, such as gas-powered electricity purchased. Scope 3 includes emissions from products sold, such as gasoline sold at petrol stations or jet fuel sold to an airline. Intensity-based targets measure the amount of greenhouse gas (GHG) emissions 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. GHG stands for greenhouse gases, such as methane or carbon dioxide. BOE stands for barrels of oil equivalent. Targets Scope Scope Scope Link to Details 1 2 3 executi ve pay BP yes yes no yes Reduce Scope 1+2 emissions sustainably by 3.5 mln tonnes by 2025, incl. methane Methane intensity target 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 no yes Net zero carbon footprint for upstream by 2030 Reduce upstream emissions intensity by 43% (CO2 per boe) by 2025 vs 2014 levels Forestation projects to offset 20 mln t of CO2/yr by 2030 Methane reduction target Equinor yes yes no yes Reduce absolute CO2 emissions by 3 mln t per year by 2030 (Scope 1 and 2) Reduce CO2 per boe to 8kg by 2030 Methane intensity target Exxon yes no no no Methane intensity target Repsol yes yes yes yes Reduce net carbon emissions to zero by 2050 (incl. Scope 3) Reduce carbon intensity vs 2016 by 10% by 2025 (per gigajoule), 20% by 2030, 40% by 2040 Reduce absolute emissions by 3 mln t by 2025 (incl. Scope 3) Reduce methane emissions by 25% by 2025 Shell yes yes yes yes Ambition to halve GHG emissions intensity by 2050 (per megajoule) Reduce carbon intensity by 2-3% by 2021 Use of carbon sinks, forestation if needed Methane intensity target Total yes yes yes yes Reduce Scope 1+2 emissions to below 40 mln t by 2025 Reduce energy products' carbon intensity by 15% by 2030 vs 2015 (per Btu) Five mln tonnes/year of carbon sinks by 2030 Methane intensity targets (Reporting by Shadia Nasralla and Ron Bousso; editing by Philippa Fletcher and Grant McCool)

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