Our Roadmap to Net-Zero
In February 2018, we set an ambitious target to become a net-zero company by 2050 or sooner, while also supporting global efforts to reach net zero. Our commitment is organized into 10 distinct goals.
This page reflects the latest updates as of October 24, 2023.
Our first goal is to reach net zero for all our operations by 2050 or sooner, addressing Scope 1 and 2 greenhouse gas (GHG) emissions. We are aiming for a 20% reduction in these emissions by 2025, and a 50% reduction by 2030, based on our 2016 baseline. This 2030 target was strengthened from an initial 30-35% reduction to 50% in November 2021.
The second goal addresses Scope 3 emissions, aiming for net zero across the carbon in our upstream oil and gas production by 2050 or sooner. We are targeting a 10-15% reduction by 2025, progressing to a 20-30% reduction by 2030, also based on our 2016 baseline.
Our third goal is to achieve net zero carbon intensity in the energy products we sell by 2050 or sooner. This target covers the lifecycle carbon intensity—from production to use—of our energy products. In October 2023, we expanded the scope of this goal to include physically traded energy products, accelerating the target to net zero from a previous 50% reduction.
Goal 4 commits us to installing methane measurement at all major oil and gas processing sites by 2023, publicly sharing this data, and working toward a 50% reduction in methane intensity across our operations. We are also encouraging our joint ventures to adopt a methane intensity target of 0.2%.
The fifth goal aims to increase our investments in low and no-carbon businesses over time, reducing our reliance on oil and gas. As our low-carbon investments grow, we foresee a corresponding decline in investments in traditional oil and gas.
We are committed to promoting policies that support net zero, including carbon pricing frameworks. Future corporate advertising efforts will be directed toward advocating for climate-positive policies, communicating our net-zero ambition, supporting strategic goals, fostering collaboration, or inviting new ideas.
To mobilize our global workforce, Goal 7 includes incentivizing emissions reductions by linking a portion of employee and leadership remuneration to emissions targets. We aim to empower our teams to become advocates for net zero in their roles.
In our eighth goal, we commit to setting clear climate expectations with our trade associations worldwide. We will promote our climate stance within these organizations and transparently address any differences in climate perspective. If alignment cannot be reached, we are prepared to reassess our membership.
Our ninth goal is to be an industry leader in transparent climate reporting. Since February 2020, we have supported the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We also work with bodies like the International Sustainability Standards Board (ISSB) to develop transparency standards and best practices.
Our tenth goal is to deliver comprehensive clean energy and mobility solutions, collaborating with countries, cities, and corporations to support decarbonization. Through our regional teams and solutions initiatives, we are actively supporting a global shift toward sustainable energy.
Together, these 10 goals outline RENEX®'s commitment to a sustainable future. By setting clear, measurable targets and fostering innovation across our operations and partnerships, we are laying the groundwork for a resilient, low-carbon future. Our commitment to net zero reflects our belief that the energy industry can be a force for positive change—benefiting both people and the planet. As we continue this journey, we are dedicated to transparency, collaboration, and accountability, helping to build a cleaner, more sustainable energy landscape for generations to come.
