Phillips 66 has announced it intends to reduce greenhouse gas emissions intensity from its operations and energy products by 2030.
The company plans to reduce Scope 1 and Scope 2 emissions intensity from operations by 30% and Scope 3 emissions intensity of its energy products by 15%, below 2019 levels.
“We believe our targets will drive innovation and create shareholder value,” said Phillips 66 Chairman and CEO Greg Garland. “We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies.”
The company outlined how it planned to achieve its emissions reduction goals while maintaining its focus on returns.
Phillips 66 would continue to invest in improving the energy efficiency of its assets, six of which have already earned ENERGY STAR certifications since 2012 from the Environmental Protection Agency.
Additionally, the company planned to increase the production of renewable fuels, advance the electric vehicle battery supply chain, implement carbon capture technologies at select facilities, and participate in commercial-scale lower-carbon hydrogen production.
“The challenges the energy industry and society are facing are great, but Phillips 66 is a company of problem-solvers,” Garland said. “We are committed to being part of the solution and helping the world address climate change.”
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