Subsea 7 Sets Net Zero Goal

Subsea 7 Sets Net Zero Goal
One of Subsea 7's sustainability priorities is to be the partner of choice for the transition of offshore energy towards a sustainable future.

Subsea 7 S.A. has announced a target to achieve net zero greenhouse gas (GHG) emissions by 2050.

In addition, using 2018 as a baseline year, the company is aiming to reduce its Scope 1 and Scope 2 emissions by 50 percent by 2035. The targets are based on plans to decarbonize Subsea 7’s operations, implementing changes and solutions available today, as well as the deployment of new, cleaner technologies as they become commercially available at scale in the market, Subsea 7 noted.

The company outlined that targets for 2035 and 2050 apply to both Subsea 7 and Seaway 7 on a standalone and consolidated basis. Emissions data will be published annually as part of Subsea 7’s sustainability report and management will regularly update the market on the progress towards achieving its target, Subsea 7 revealed.

“Proactive participation in the energy transition has been at the heart of Subsea 7’s evolution over the past decade both through our renewables business unit and through our efforts to reduce our vessel emissions,” John Evans, the chief executive officer of Subsea 7, said in a company statement.

“[This] announcement marks another step in our journey towards decarbonizing our business and I look forward to describing our progress in the coming years,” Evans added in the statement.

The combination of Subsea 7’s offshore fixed wind business with OHT ASA completed on October 1, after which OHT ASA was re-named Seaway 7 ASA. Subsea 7 Blue Space Limited, a wholly owned indirect subsidiary of Subsea 7 S.A., holds 72 percent of Seaway 7 ASA shares and Subsea 7 S.A. has fully consolidated Seaway 7 ASA in its financial statements from October 1. The deal was first announced on July 8.

One of Subsea 7’s sustainability priorities is to be the partner of choice for the transition of offshore energy towards a sustainable future, according to its website. In its most recent sustainability report, which was released in March, Subsea 7 highlighted that the cumulative power capacity of renewables projects it supported to the end of 2020 stood at six gigawatts. The company also outlined that it had recycled 76 percent of waste from its onshore owned sites.

“I am confident that Subsea 7, working together with all our stakeholders, can help produce the energy the world needs from increasingly sustainable sources,” Evans stated in Subsea 7’s 2020 sustainability report back in March.

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