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Schlumberger has committed to setting a science-based target for reducing our greenhouse gas (GHG) emissions. The commitment, submitted in December to the Science Based Targets initiative (SBTi), requires us to present a clearly defined reduction target for SBTi validation by 2021.
Schlumberger is the first company in the upstream E&P services sector to commit to the science-based target approach. Science-based targets must meet the goals of the Paris Agreement, adopted in 2016 by the United Nations Framework Convention on Climate Change (UNFCCC). The Paris Agreement seeks to reduce GHG emissions sufficiently to limit global warming to well-below 2°C above pre-industrial levels.
“Schlumberger has a well-established environmental sustainability program that includes strategies focused on reducing our and our customers’ environmental impact,” says Vice President Global Stewardship Lees Rodionov.
“Now, with the SBTi commitment, we are expanding our reach, and working closely with every geographic, technology and business division within our global organization—including reviewing the footprint of our inputs and outputs—to identify GHG emissions reduction opportunities,” says Rodionov.
We have committed to setting our science-based target by 2021. In the interim, we have set an initial target to reduce GHG emissions from our fuel and power consumption by 30% by 2025. We will revise this target accordingly, in line with our submission to SBTi.
As the SBTi makes clear, the Paris Agreement—an agreement among nations—is not enough to combat climate change. Corporations play a critical role in driving down global GHG emissions, and the aim of the SBTi is to make science-based target setting a standard business practice. Having a science-based target helps companies like ours set measurable, achievable goals, and to stay focused on what we need to do in the short and medium term at every level of our company to meet the longer term vision.
The SBTi is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.
Learn more about Schlumberger’s Global Stewardship program.