February 12, 2020 / 12:57 PM / 10 days ago

FACTBOX-Big Oil's climate targets vary widely

 (Adds details on Repsol)
    Feb 12 (Reuters) - BP pledged to sharply reduce its carbon emissions by 2050 as
newly appointed CEO Bernard Looney looks to revamp the 111-year old company to ensure it does
not fall behind rivals in its climate ambitions.
    BP's planned changes position it ahead of rivals such as Royal Dutch Shell,
Total and all U.S. oil majors.
    Smaller Spanish peer Repsol has set similarly ambitious net zero carbon targets
for the oil products it sells, but the much larger scale of BP's operations put its aims at
the forefront of the oil and gas sector.    
    Investors and analysts say the various self-imposed greenhouse gas (GHG) reduction
targets and plans set by the world's big 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      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      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 Mark Potter/Jason Neely/Jane
Merriman)
  
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