July 29, 2020 / 2:22 PM / 13 days ago

Austria's OMV to reduce operational emissions to net zero by 2050

FILE PHOTO: The logo of Austrian oil and gas group OMV is pictured at the rooftop of its headquarters in Vienna, Austria May 12, 2020. REUTERS/Leonhard Foeger/File Photo

VIENNA (Reuters) - Austrian oil and gas group OMV set itself long-term targets for curbing carbon emissions on Wednesday, joining industry majors who have already responded to calls from politicians and activists to do more to fight global warming.

OMV said it planned to reduce greenhouse gas emissions from its operations and indirect emissions, such as those created from electricity purchased, to net zero by 2050 or sooner.

That should be achieved through energy efficiency measures, new technologies such as carbon storage, the use of alternative feedstocks, such as plastic waste, for its products and the use of solar power for its operations in Austria, it said.

“Implementing these sustainable technologies in a way that is economically feasible will require an appropriate regulatory environment,” said Chief Executive Rainer Seele.

OMV is relatively late setting such goals, compared to peers such as Royal Dutch Shell which has the sector’s broadest plan to reduce greenhouse gas emissions to net zero by 2050.

BP aims to bring net emissions from the barrels from its own operations throughout their life cycle to zero by 2050. It also aims for a 50% reduction of the carbon intensity of all products it sells.

OMV said it aimed to reduce the carbon intensity of its operations by at least 30% by 2025, excluding Borealis. This involved reducing carbon emissions at its exploration and production business by at least 60% compared to 2010 levels and at its refining business by at least 20%.

Reporting by Kirsti Knolle; Editing by Edmund Blair

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