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Getting to Net Zero

Getting to Net Zero by 2050 is a commitment we announced in June 2021 as an industry leader and a company that believes strongly in the power of technology to create change.

Science is deeply rooted in our culture, and our science-based approach to climate change is an expression of our history and our ambition for the future, aligned with the Paris Agreement ambition of limiting global warming to 1.5 degC.

Our 2050 target is supported by a comprehensive near-term road map with interim milestones in 2025 and 2030. We aim to offset the balance of emissions we produce in 2050 with carbon-negative actions.

Along the journey to net zero, we will be transparent about our progress, consistent with our alignment with the TCFD and SASB frameworks. Our near- and long-term ambitions are grounded in climate science.

Rather than just considering our Scope 1 and 2 footprint of 2 million tonnes of CO2 equivalent (CO2e), our targets encompass our total 2019 baseline greenhouse gas footprint of 54 million tonnes, and as such, our emissions reduction road map addresses the entire oil and gas value chain.

There are three key components to achieving our net-zero ambition: reducing operational emissions, reducing customer emissions that occur while using our technology, and taking carbon-negative actions of sufficient scale to offset any residual operational and technology emissions we may have in 2050. Learn more in our Sustainability Report.

Reducing Operational Emissions

Operational emissions constitute 25% of our 2019 baseline greenhouse gas emissions footprint. We have already converted more than 20% of our facility emission footprint to renewable power and we have begun introducing hybrid vehicles into our fleet. In addition, digital adoption will play a role in reducing waste and consequently emissions. Learn more in our Sustainability Report.

Reducing Customer Emissions

Technology use emissions are 75% of our total CO2 footprint and represent the largest category of our Scope 3 emissions. Technology use, or use-phase, emissions are either direct emissions related to the use of our technology in the field or emissions related to power consumption by our technology during operations. In other words, these are Scope 1 and 2 emissions for our customers. Deploying technology to assist our customers in their journey to achieve net zero is a tremendous opportunity for us. Coinciding with our net-zero announcement, we launched our Transition Technology portfolio which will be a key enabler to our customer decarbonization efforts. You can also learn more in our Sustainability Report.

Taking Carbon-Negative Actions

The last component of achieving net zero will be ramping up carbon negative actions of sufficient scale to offset any residual emissions we have in 2050. Our intent is to minimize reliance on traditional offsets and instead to look for technology-centric actions in which we can play a role. Learn more in our Sustainability Report.

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