Schlumberger Makes Net Zero Commitment

Schlumberger Makes Net Zero Commitment
Schlumberger (NYSE: SLB) has announced a commitment to achieve net-zero greenhouse gas emissions by 2050.

Schlumberger (NYSE: SLB) has announced a commitment to achieve net-zero greenhouse gas (GHG) emissions by 2050.

The company, which noted that it is guided by climate science, said it has spent 18 months conducting extensive analysis and working with experts to produce a decarbonization plan. Schlumberger said the plan has “minimal reliance” on offsets and is focused on reducing Scope 1, 2, and 3 emissions across the oil and gas value chain. The business outlined that its plan includes the introduction of a Transition Technologies portfolio to assist its customers and the wider industry in their decarbonization commitments.

Using 2019 as a baseline year, Schlumberger revealed that it is targeting a 30 percent reduction in Scopes 1 and 2 by 2025, a 50 percent reduction in Scopes 1 and 2, as well as a 30 percent reduction in Scope 3, by 2030, followed by net zero by 2050. The business has highlighted that it is already on track to achieve its near-term emissions reduction target of 30 percent by 2025 for Scope 1 and 2 ahead of schedule.

“There is a new industry imperative to address climate change while meeting the demand for energy both today and in the long term, sustainably,” Olivier Le Peuch, Schlumberger’s chief executive officer, said in a company statement.

“We have a 2050 net-zero carbon emissions ambition which I believe is unique in our industry due to our capabilities as a technology company and our culture grounded in science. This reinforces our commitment to unlocking access to energy, for the benefit of all,” he added.

“Our net-zero target is inclusive of total Scope 3 emissions, this is a first in the energy services industry,” the CEO went on to say.

Katharina Beumelburg, Schlumberger’s chief strategy and sustainability officer, said, “our decarbonization plans are based upon climate science and focused on three key areas: operational emissions; customer emissions; and carbon-negative actions”.

“75 percent of Schlumberger’s baseline GHG footprint comes from the technologies our customers use. To address this, Schlumberger has introduced our Transition Technologies portfolio, which is designed to help customers reduce their Scope 1 and 2 emissions, while simultaneously enabling us to meet our Scope 3 emissions target,” Beumelburg added.

In December 2019, Schlumberger revealed that it had committed to setting a “science-based” target to reduce its greenhouse gas emissions.

Earlier this month, Canadian Natural Resources, Cenovus Energy, Imperial, MEG Energy, and Suncor Energy announced the Oil Sands Pathways to Net Zero initiative. The alliance operates around 90 percent of Canada’s oil sands production.

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