Oil giants set first joint carbon target
London
A group of the world’s top oil companies including Saudi Aramco, China’s CNPC and Exxon Mobil have for the first time set targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector’s climate stance grows.
However, the target set by the 12 members of the Oil and Gas Climate Initiative (OGCI) is eclipsed by more ambitious plans set individually by the consortium’s European members, including Royal Dutch Shell, BP and Total.
The OGCI members agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20 kg and 21 kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe) by 2025, from a collective baseline of 23 kg CO2e/boe in 2017, the OGCI said in a statement, according to Reuters.
Intensity targets mean absolute emissions can rise with increasing production. The OGCI includes BP, Chevron, CNPC, Eni, Equinor, Exxon, Occidental Petroleum, Petrobras, Repsol, Saudi Aramco, Shell and Total, which together account for over 30% of the world’s oil and gas production.
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