Updates throughout
April 1 (Reuters) - Many European energy majors have in recent weeks weakened their emissions cuts and renewable energy targets, as big U.S. oil and gas producers still lag their European rivals in setting climate targets.
Scientists say the world must cut greenhouse gas emissions by around 43% by 2030 from 2019 levels to stand any chance of meeting the 2015 Paris Agreement goal of keeping warming well below 2 degrees Celsius (3.6 Fahrenheit) above pre-industrial levels.
Direct comparisons of the oil companies' climate plans are difficult as they have different approaches to intensity-based targets and how they include greenhouse gases from the combustion of their fuels - known as Scope 3 emissions.
Intensity-based targets measure the amount of greenhouse gas $(GHG)$ emissions, such as methane and carbon dioxide, per unit of energy or barrel of oil and gas produced.
That means absolute emissions can rise even if the headline intensity metric falls - for example with the addition of renewables, biofuels or carbon offsets to the product mix.
Reducing emissions will require a well-functioning market for carbon, the scaling up of carbon capture and storage technology, and the development of competitive uses of hydrogen, many of the companies have said.
In March, TotalEnergies said its indirect emissions would likely rise as it sells more natural gas, and that the planet's overall emissions would fall as gas replaced dirtier fuels, including coal and fuel oil.
In February, BP revamped its strategy to cut spending on renewables and lower-carbon solutions and dropped a target for absolute Scope 3 emissions cuts by 2030.
In recent weeks, Equinor scrapped its 2030 target for investments in renewables, cut its installed renewable energy goal and softened its medium-term net carbon intensity targets.
Eni confirmed its main decarbonisation targets in February and said it would press ahead with its strategy to sell stakes in its low-carbon units Plenitude and Enilive.
The table below shows details by company (in alphabetical order).
NOTES:
1) Scope 1 refers to emissions from a company's direct operations, such as a diesel generator on an offshore platform.
2) Scope 2 emissions include those from the power a company uses for its operations and from its fleet of vehicles.
3) Scope 3 includes emissions from the combustion of the products a company sells, such as gasoline or jet fuel. Typically these account for around 90% of emissions at an integrated oil and gas company.
Targets | 2030 Scope 1+2 reduction | Absolute 2030 reduction incl. Scope 3 | Intensity-based 2030 reduction incl. Scope 3 | 2050 target | Notes |
BP | 45-50% vs 2019 | No | 8%-10% vs 2019 | net zero company (depending on gov't policies, demand) | Dropped previous target to cut oil and gas output by 25% by 2030 vs 2019 and absolute Scope 3 emissions cut target |
Chevron | 35% oil and gas upstream intensity to 24 kg CO2e/boe by 2028 vs 2016 | no | More than 5% by 2028 vs 2016 | net zero Scope 1 and 2 aspiration (upstream) | Guides more than 3% annual growth of oil and gas output through 2027 |
ConocoPhillips | 50-60% intensity-based reduction vs 2016 | no | no | Net zero Scope 1 and 2 | Does not set any Scope 3 targets |
Eni | net zero for upstream unit, whole company net zero in 2035 | 35% vs 2018, 55% in 2025, 80% in 2040 | 15% vs 2018, 50% in 2040 | net zero company | Reported hydrocarbon production, after the effects of portfolio management, will grow by 2-3% per annum through 2030 |
Equinor | 50% vs 2015 (operated assets) | no | 15-20% vs 2019 | net zero company across Scope 1-3 | Sees oil and gas output growing more than 10% from 2024 to 2027, more than previously expected; sees 2030 oil and gas output at 2.2 mln boed vs 2.0 mln boed previously |
Exxon | 20%-30% corporate-wide emissions vs 2016; 40%-50% reduction in upstream business | no | no | net zero Scope 1 and 2 of operated assets | Does not set any Scope 3 targets Exxon expects to reach 5.4 million bpd by 2030 |
Repsol | 55% vs 2016 | 20% vs 2018 | net zero company | plans to produce 550k-600k boed through to 2030; expects crude oil refining to fall 85%-95% by 2050 | |
Shell | 50% vs 2016 | Ambition to reduce customer emissions from use of oil products by 15%-20% vs 2021 | 15%-20% vs 2016 (includes all fuel sold by Shell) | Net zero company | Plans to increase gas output by 1% a year through 2030 and keep oil output steady |
TotalEnergies | 40% vs 2015 (operated assets) | <400 mln t CO2e vs 342 mln t CO2e in 2024; 40% vs 2015 for oil products (excludes gas) | 25% of energy products sold vs 2015 | net zero company ("together with society") | expects to produce 1 mln boed 2050, around a quarter of 2030 output |
(boed=barrels of oil equivalent per day)
(Written and compiled by Shadia Nasralla; Editing by Barbara Lewis)
((Shadia.nasralla@tr.com))
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