NET ZERO 2050 or Sooner updates
Announcements and Actions Progress
from leading companies
26 March 2021
Target of net zero CO2 emissions globally by 20501
BASF is setting itself even more ambitious goals
on its journey to climate neutrality
and wants
to achieve net zero emissions by 2050
BASF to replace fossil fuels with new technologies
BASF working on numerous flagship projects
Competitiveness must be maintained
23 March 2020
17 December 2020
CLIMATE ACTION 100+ PROGRESS REPORT
RECORDS ACCELERATED COMPANY COMMITMENTS TO
NET-ZERO EMISSIONS
BUT GAPS REMAIN
Half the focus companies of Climate Action 100+
have now established commitments to reach
net-zero emissions by 2050 or sooner
Download Climate Action 100+ 2020 Progress Report
17 December 2020
It is estimated that the oil and gas industry
is responsible for around 53% of global emissions
when scope 3 emissions are included 2.
The most material emissions for this sector arise from:
• Product use by the end user –
the burning of oil and gas for
energy, transportation and industrial processes.
• Upstream emissions from extraction and drilling,
flaring and fugitive emissions from venting and leaks.
• Midstream emissions from transportation.
• Downstream emissions including electricity use
from processing of oil and gas into other products
on the Climate Action 100+ focus list
are a mix of upstream, midstream and downstream producers,
with a number of integrated energy companies
OIL AND GAS FOCUS COMPANIES
BP Canadian Natural Resources Limited
Chevron Corporation
China National Offshore Oil Corporation (CNOOC) Limited
China Petroleum & Chemical Corporation (Sinopec)
ConocoPhillips
Devon Energy Corporation
Ecopetrol Sa Enbridge Inc.
ENEOS Holdings Inc
Eni SpA
Equinor
Exxon Mobil Corporation
Formosa Petrochemical
Gazprom
Imperial Oil
Kinder Morgan, Inc.
Lukoil OAO
Marathon Petroleum
Occidental Petroleum Corporation Oil & Natural Gas
OMV AG
Origin Energy
PetroChina Co. Ltd
Petróleo Brasileiro SA -
Petrobras
Phillips 66
PTT
Reliance Industries
Repsol
Rosneft Oil Company
Royal Dutch Shell
Santos Limited
Sasol Limited
SK Innovation Co Ltd
Suncor Energy Inc.
TC Energy
Total
Valero Energy Corporation
Woodside Energy
In 2020, several companies have made progress
toward meeting Climate Action 100+ requests:
• Repsol made a commitment to achieve
net-zero emissions by 2050 covering scope 1 and 2,
and part of its scope 3 emissions.
The company was
the first oil and gas company
to commit to scope 3 targets.1
• BP, Shell, OMV AG and Total2 made commitments
to achieve net zero emissions by 2050
including scope 1 and 2 emissions,
and some coverage of scope 3 emissions.3
• ENEOS became
the first oil and gas company in Asia
to set netzero emissions goals by 2040.
• PetroChina developed a climate change strategy
signalling the company’s intention
to align its climate policy
with the goals of the Paris Agreement,
and pledged a 'near-zero' emissions target by 2050.
• Woodside Energy, ConocoPhillips and Enbridge
made commitments to achieve
net-zero operational emissions by 2050.
• Occidental Petroleum set an
operational net-zero by 2040 target
and expressed ambition for
net-zero associated with the use of its products by 2050
Download Climate Action 100+ 2020 Progress Report
16 December 2020
bp has acquired a majority stake in
carbon offset developer Finite Carbon,
building on its existing interest in the company.
Finite Carbon is the largest developer of forest carbon offsets
in the US.
bp will bring the firm into
its in-house business accelerator,
Together with bp’s additional investment,
this is expected to bolster Finite Carbon’s expansion,
including into new geographical markets.
Finite Carbon identifies and develops projects
that enable landowners
to generate revenue from
the protection, restoration,
and sustainable management of forests.
These actions increase carbon stored in forests
and generate carbon offsets that are verified
against industry-recognized standards
and can be traded on markets.
10 December 2020
bp to supply more renewable energy for AWS data centres.
bp and Amazon have agreed
to extend their longstanding relationship,
with bp to supply additional renewable energy
to power Amazon’s operations,
and Amazon Web Services (AWS)
enabling the acceleration of bp’s programme
to digitise its infrastructure and operations.
In a new series of clean power agreements,
bp has agreed to more than triple the renewable power
that it will supply Amazon in Europe.
bp will supply Amazon with an additional 404MW
of wind power in Europe, starting in 2022 -
275MW sourced from a new wind project in Sweden
and 129MW from two new wind projects in Scotland.
This is in addition to the companies’ December 2019
agreement for bp to supply AWS in Europe
with around 170MW of renewable power
BP signs sustainable energy agreements
12 December 2020
UN Secretary-General's remarks
at the Climate Ambition Summit
09:15
‘State of Climate Emergency’
The UN Secretary-General kicked off proceedings,
with a speech that echoed many of the themes
he covered earlier in the month, and declaring
a State of Climate Emergency,
until carbon neutrality has been reached worldwide.
The central objective of the UN in 2021, he said,
will be to build a truly global coalition
for carbon neutrality by the middle of the century.
Ending on a positive note, Mr. Guterres noted
that more countries are committing to zero emissions,
cities are becoming more liveable,
and mindsets are shifting in the right way.
“Let’s stop the assault on our planet”, he implored,
“and do what we need to guarantee
the future of our children and grandchildren”.
You can read the full speech here.
That is why today, I call on
all leaders worldwide
to declare
a State of Climate Emergency
in their countries
until carbon neutrality is reached.
September 2020
Dow intends to be carbon neutral by 2050,
in alignment with the Paris Agreement.
implementing and advancing technologies
to manufacture products using fewer resources
and that help customers reduce their carbon footprints.
>>Accerelating sustainability commitments
TOTAL ADOPTS A NEW CLIMATE AMBITION
TO GET TO NET ZERO BY 2050
Supporting EU’s carbon neutrality target,Company for all its European Businesses by 2050
Total announces today its ambition
to get to net-zero emissions by 2050 together
with society for its global business
across its production and energy products
used by its customers..
Through a joint statement developed
between Total S.A. and institutional investors
– as participants in the global investor initiative Climate 100+1 –
Total takes 3 major steps towards achieving this ambition:
Three major steps to get Total to Net Zero:
- Net Zero across Total’s worldwide operations
by 2050 or sooner (scope 1+2) - Net Zero across
all its production and energy products used by
its customers in Europe2 by 2050 or sooner (scope 1+2+3) - 60% or more reduction
in the average carbon intensity of energy products
used worldwide by Total customers by 2050
(less than 27.5 gCO2/MJ) -
with intermediate steps of 15% by 2030
and 35% by 2040 (scope 1 + 2 + 3)
2 Europe means the EU + Norway + UK
This ambition is supported by the strategy
to develop Total as a broad-energy company,
with oil and gas, low-carbon electricity
and carbon-neutrality solutions
as integrated parts of its business.
Total firmly believes this low-carbon strategy provides
a competitive advantage
which creates long term value for its shareholders.
This strategy is already in action since 2015
as Total is the leading major in terms of
reduction of its scope 3 average carbon intensity with
a 6% reduction already achieved since 2015.
Patrick Pouyanné,
in his capacity as Chairman of the Board, declared:
“Energy markets are changing, driven by
climate change, technology and societal expectations.
Total is committed to helping solve
the dual challenge of providing more energy
with fewer emissions.
We are determined to advance the energy transition
while also growing shareholder value.
Today, we are announcing
our new Climate Ambition to get to Net Zero by 2050
- together with society.
The Board believes that Total’s global roadmap, strategy
and actions set out a path
that is consistent with goals of the Paris agreement.
We acknowledge the positive role of engagement
and open dialog with investors
as the one we experienced with
Climate 100+ along the last months.
We recognize that the trust of
our shareholders, and society more widely,
is essential to Total remaining
an attractive and reliable long-term investment.
And only by remaining a world-class investment
can we most effectively play our part
in advancing a low carbon future.
This is the reason why our people are already
in action across Total,
seeking opportunities to reduce our emissions,
improve our products and develop
new low-carbon businesses”.
Regarding the commitment to become
a net-zero energy business in Europe,
he commented:
“As the EU has set the target
to achieve net zero emissions by 2050
and thereby lead the way for other regions
to become carbon neutral over time,
Total takes that commitment to become neutral
for all its businesses in Europe2.
At the time where Total elects to adopt
the status of a European company,
Total wants to be
an exemplary European corporate Citizen
and offers its active support
for the EU to achieve net zero emissions by 2050.
Total will work together with other businesses
to enable decarbonization of energy use”.
Total confirms its target of
a renewable generation gross capacity of 25 GW in 2025
and will continue to expand its business
to become a leading international player
in renewable energies.
Total currently allocates more than
10% of its Capex to low carbon electricity,
the highest level among the Majors.
To actively contribute to the energy transition,
Total will further increase its allocation of Capex
in favor of low carbon electricity to 20% by 2030 or sooner.
The attached link allows access to the Joint Statement:
And today it sets the highest ambition amongst the majors for
its scope 3 average carbon intensity
with less than 27.5 GCO2/MJ by 2050.
Total Contacts :
- Media Relations: +33 1 47 44 46 99
l presse@total.com l @TotalPress - Investor Relations: +44 (0)207 719 7962 l ir@total.com
In tackling climate change, the focus is increasingly on
limiting the global temperature rise to 1.5° Celsius.
For society to achieve a 1.5° Celsius future, the world is likely to need
to stop adding to the stock of greenhouse gases in the atmosphere
– a state known as net-zero emissions –
Advanced parts of the world are likely to need to reach that point by 2050.
Shell has set itself an ambition to become, by 2050 or sooner,
a net-zero emissions energy business, in step with society.
We will work towards this in three ways.
Firstly, by seeking to be net zero on all the emissions
from the manufacture of all our products by 2050 at the latest.
This ambition includes the emissions created by our operations
and also those associated with the energy we consume.
These are known as scope one and two emissions.
But the bulk of the emissions are our customers’ emissions
when they use our products, known as scope three emissions.
BP today set a new ambition to become
a net zero company by 2050 or sooner,
and to help the world get to net zero.
The ambition is supported by ten aims:
Five aims to get BP to net zero:
1. Net zero across BP’s operations
on an absolute basis by 2050 or sooner.
2. Net zero on carbon in BP’s oil and gas production
on an absolute basis by 2050 or sooner.
3. 50% cut in the carbon intensity of products BP sells
4. Install methane measurement at all
BP’s major oil and gas processing sites by 2023
and reduce methane intensity of operations by 50%.
5. Increase the proportion of investment
into non-oil and gas businesses over time.
Five aims to help the world get to net zero:
6. More active advocacy for policies
that support net zero, including carbon pricing.
7. Further incentivise BP’s workforce to deliver aims
and mobilise them to advocate for net zero.
8. Set new expectations for relationships with trade associations.
9. Aim to be recognised as a leader for transparency of reporting,
including supporting the recommendations of the TCFD.
10. Launch a new team to help countries, cities
Chief executive officer Bernard Looney
answers three key questions on bp’s net zero ambition
1. Does this mean bp is getting out of oil and gas?
What I can tell you is we will increasingly focus
our investments on the highest quality barrels
and drive returns and cash flow, not production volumes.
And with that, you can expect oil and gas production
to decline gradually over time.
Does that mean you will be
producing and refining hydrocarbons in 2050?
Yes – very likely.
Does that mean you will be producing
and refining less of them by 2050?
Yes – and our aim is that any residual hydrocarbons
will be decarbonized.
And in a world that is serious about net zero,
they will have to be.
But we can only reimagine energy if we are financially strong,
able to pay the dividend our owners depend on –
and generate the cash needed
to invest in
new low and no carbon businesses.
2.Are you committing more capital
to non-oil and gas activities?
Yes, we will, over time.
But the goal is not just to spend more money,
it is to invest wisely –
into businesses that will make a difference to the world.
Businesses we can develop at scale…
In areas where we have unique capabilities…
And where we can deliver competitive returns.
We don’t plan to commit to an arbitrary or pre-set number.
But make no mistake, we aim to invest
more and more in low carbon businesses over time –
and less and less in oil and gas.
3.Where are the near-term targets
to back up your long-term ambition?
I appreciate you want more than a vision –
you want to see milestones,
near-term targets, some ways to measure progress.
We do not have those for you right now.
But we will have more to say in September
when we announce our new strategy,
and in the months and years to come.
I will say this now though –
we don’t expect progress to be a straight line.
But make no mistake…
The direction is set.
We are heading for net zero.
There is no turning back.
On 12 February 2020 bp set a new ambition
to become a net zero company by 2050 or sooner,
and to help the world get to net zero
>Link to BP Reimagining energy, reinventing BP
Start : June 2020
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