Halliburton to Set Emission Reduction Targets
Halliburton Company (NYSE: HAL) announced Thursday its commitment to set science-based targets to reduce greenhouse gas (GHG) emissions.
The company said it submitted its commitment letter to the Science Based Targets initiative (SBTi), which is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature. With its commitment, Halliburton will submit targets in 2021 with pending SBTi validation by 2022, the company outlined.
“Our SBTi commitment reinforces our sustainability goals while helping our customers provide the world with affordable and reliable energy,” Halliburton Chairman, President and Chief Executive Officer Jeff Miller said in a company statement.
“Our industry plays an important role in reducing greenhouse gas emissions and provides us a great opportunity to do what we do best; innovate, collaborate, and execute to drive efficiencies and affect change,” he added.
Science-based targets are emissions reduction targets in line with what the latest climate science outlines is necessary to meet the goals of the Paris Accord, which itself seeks to limit global warming to well below two degrees Celsius above pre-industrial levels. More than 1,000 companies have committed to set emissions reduction targets grounded in climate science through the SBTi.
In December last year, Schlumberger (NYSE: SLB) revealed that it had committed to setting a science-based target to reduce its GHG emissions. The company said its commitment had been submitted to the SBTi and noted that, in line with the defined criteria, it will define its reduction target by 2021. Other oil and gas companies taking action through the SBTi comprise Enagas S.A., OKQ8 AB, CGP Primagaz and Fluxis Belgium.
Founded in 1919, Halliburton describes itself as one of the world's largest providers of products and services to the energy industry. The company employs more than 40,000 people, representing 140 nationalities in more than 80 countries, according to its website.
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