October 9, 2019 / 6:03 AM / 8 days ago

FACTBOX-Big Oil's climate targets vary widely

    LONDON, 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 by 3.5 mln
                                          tonnes in the 10
                                          years to 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)
  
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