Aramco and other oil giants set first joint carbon target

The joint target reflects the pressure on the sector’s climate stance. (AFP)
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Updated 17 July 2020

Aramco and other oil giants set first joint carbon target

  • The decision marks a change of heart by the US oil company Exxon, which did not report its carbon emissions in 2019

LONDON: A group of the world’s top oil companies including Saudi Aramco, China’s CNPC and Exxon Mobil have for the first time set joint targets to cut their combined greenhouse gas emissions as a proportion of production, as pressure on the sector’s climate stance grows.

However, the target set by the 12 members of the Oil and Gas Climate Initiative (OGCI) is eclipsed by more ambitious plans set individually by the consortium’s European members, including Royal Dutch Shell, BP and Total.

The OGCI members agreed to reduce the average carbon intensity of their aggregated upstream oil and gas operations to between 20 kg and 21 kg of CO2 equivalent per barrel of oil equivalent (CO2e/boe) by 2025, from a collective baseline of 23 kg CO2e/boe in 2017, the OGCI said in a statement.

Intensity targets mean absolute emissions can rise with increasing production.

The OGCI’s members are BP, Chevron, CNPC, Eni, Equinor, Exxon, Occidental Petroleum, Petrobras, Repsol, Saudi Aramco, Shell and Total.

Together they account for more than 30 percent of the world’s oil and gas production.

“It is a significant milestone, it is not the end of the work, it is a near term target ... and we’ll keep calibrating as we go forward,” OGCI Chairman and former BP CEO Bob Dudley told Reuters.

The members agreed on a common methodology to calculate carbon intensity and the targets could be extended to other sectors such as liquefied natural gas and refining in the future, Dudley added.

The announcement marks an important change for Exxon, the largest US oil company, which has resisted investor pressure to improve the disclosure of its impact on the environment. It did not report its carbon emissions in 2019.

Exxon supports the OGCI targets to decrease the carbon intensity of energy production and is “part of the industry’s efforts to take practical, meaningful steps to reduce emissions,” a spokesman said.

The targets set by different companies can vary widely in scope and definition, making it difficult to compare. However, some members of the OGCI already exceed or plan to overshoot the joint target.

For example, Saudi Aramco, the world’s top oil exporter, had an upstream carbon intensity of 10.1kg CO2e/boe in 2019, according to its annual report.

Norway’s Equinor aims to reduce its CO2 intensity below 8kg/boe by 2025. It has said the current global industry average is 18 kg CO2e/boe.

OGCI said the group’s collective carbon intensity would be reported annually, with data reviewed by EY, as an independent third party.

The target includes reductions in methane emissions, a potent greenhouse gas, which the group had previously committed to cut.


Apple to launch first online store in India next week

Updated 18 September 2020

Apple to launch first online store in India next week

  • The company at present uses third-party online and offline retailers to sell its products in the country
  • India has become a key focus of tech giants over the last few years

NEW DELHI: Apple announced Friday that it will launch its first online store in India next week, as it seeks to increase sales in one of the world’s fastest-growing smartphone markets.
The company at present uses third-party online and offline retailers to sell its products in the country.
Apple CEO Tim Cook said in a tweet that the company “can’t wait to connect with our customers and expand support in India.”
The Sept. 23 launch comes ahead of India’s major Hindu festival season beginning next month.
With a nearly 1.4 billion people, including millions of new Internet users every month, India has become a key focus of tech giants over the last few years.
In August, three contract manufacturers for Apple iPhones and South Korea’s Samsung applied for large-scale electronics manufacturing rights in India under a $6.5 billion incentive scheme announced by the government.
Apple assembles some smartphones at Foxconn and Wistron’s plants in two southern Indian states.