European Oil Majors Outpace US Companies on Climate Goals"A lot of European companies had already begun to take steps to elevate ESG investor concerns into their own investment portfolios. And … I think a lot of that is reflective of where those companies' assets are," said Ken Medlock, senior director of the Center for Energy Studies at Rice University's Baker Institute for Public Policy. "Government policy and policy intent is a major influencer."
Royal Dutch Shell PLC, BP PLC, Eni SpA, Repsol SA, Equinor ASA and TOTAL SE are working to diversify and decarbonize their portfolios by turning to natural gas, electricity and renewables to meet self-imposed emissions reduction goals.
Despite their slower pace, many U.S. companies have already reduced greenhouse gas emissions by some percentage in recent years through efficiencies and other internal efforts. Some have set specific percentage targets to slash greenhouse gas emissions in the future, as well as gas flaring targets.
"We are working to be part of the solution," Chevron Corp. spokesman Sean Comey said in an email, noting that the company's intensity reduction goals are linked to nearly all employees' financial compensation. "We are lowering the company's carbon intensity cost efficiently, increasing the use of renewable energy in our business and investing in future breakthrough technologies," he said.
In addition to Exxon Mobil Corp. and Occidental Petroleum Corp., Chevron is one of three U.S.-based companies in the 10-member Oil and Gas Climate Initiative that on July 16 set firm emission reduction targets for carbon and methane. The OGCI coalition pledged to cut the carbon intensity of their combined upstream operations to between 20 kilograms and 21 kg of carbon dioxide equivalent per barrel of oil equivalent by 2025. The target, which covers both CO2 and methane emissions, represents a reduction of between 36 million tons and 52 million tons of CO2e per year by 2025.
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