Refiner Phillips 66 Pledges to Cut Emissions, Increase Renewable Fuels Production
Energy company Phillips 66 announced today a series of new 2030 carbon reduction targets, targeting its own operations as well as emissions arising from the use of its energy products.
In its own operations, Phillips 66 aims to reduce Scope 1 emissions intensity coming from its refineries, compressors and other equipment, and Scope 2 emissions from the generation of electricity and steam by 30%. In addition, the company aims to reduce Scope 3 emissions related to consumer use of its products by 15% by 2030, below 2019 levels.
Greg Garland, Phillips 66 Chairman and CEO, said:
“We believe our targets will drive innovation and create shareholder value. We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies.”
To achieve its carbon reduction targets, the company stated that it will continue to invest in improving the energy efficiency of its assets, along with initiatives to increase the production of renewable fuels, advance the electric vehicle supply chain, implement carbon capture technologies at selected 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. We are committed to being part of the solution and helping the world address climate change.”