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Environment

Halliburton to set science-based emission reduction goals

FILE PHOTO: The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012

(Reuters) - Oilfield services provider Halliburton Co said on Thursday it would set greenhouse gas emission reduction targets in line with what the latest climate science outlines is necessary to meet the goals of the Paris Accord.

The announcement comes as the global energy industry faces intense pressure from investors worried about the climate impact of fossil fuels.

Halliburton joins over 1,000 global companies who have committed to set emissions reduction targets grounded in climate science through the Science Based Targets initiative (SBTi).

The SBTi is a collaboration of CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature.

Halliburton will submit targets in 2021 with pending validation from the SBTi by 2022, the company said.

Oilfield service companies have been trying to expand their footprint beyond providing equipment and services to drill and extract oil and gas, as they prepare for a transition to a low-carbon future.

The United Nations-backed Paris Agreement seeks to limit global warming to “well below” 2 degrees Celsius above pre-industrial levels by reducing carbon emissions to net zero.

Reporting by Arathy S Nair in Bengaluru;Editing by Sriraj Kalluvila

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