FACTBOX-Big Oil's climate targets vary widely

by Reuters
Friday, 28 February 2020 08:42 GMT

(Adds new Eni targets) Feb 28 (Reuters) - Italy's Eni on Friday set a target to reduce greenhouse gas emissions by 80% by 2050 in absolute terms, including emissions from the use of its oil and gas products. Eni's targets are more ambitious than those of other large oil and gas companies in that they include products bought from third parties and sold by Eni. Its net zero carbon targets apply to its exploration and production - or upstream - activities only, unlike BP and Repsol which have a net zero carbon target by 2050 throughout the life cycle of all barrels they produce. Such targets depend on offset markets as well as carbon capture and storage technology not yet used on a commercial scale. Investors and analysts say the various greenhouse gas (GHG) reduction targets and plans announced by the world's top oil and gas companies are difficult to compare. 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 intensity of Scope 1, 2, 3 emissions by 50% by 2050 vs 2020 Reduce GHG emissions incl. methane (Scope 1 and 2) in Norway by 40% by 2030, 70% by 2040 and to near zero by 2050 Reduce CO2 per boe produced 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 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 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 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)

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