The Science Based Targets initiative is developing a technical paper to set targets for the oil and gas sector. The aim of this project is to develop a method and tools for how to determine a science-based target for fossil fuel extraction companies.
The project starting point is embedded emissions in fuel supplied, but it will seek to expand also to Scope 1 emissions (energy and CH4 process emissions). At a later stage the project should consider Scope 2 and links to refinery and petrochemical industry, linking to the Chemical Industry project. Please contact us if your company or organization is interested in engaging in this process.
Unfortunately the Science Based Targets initiative is unable to validate greenhouse gas emission reduction targets for companies from this sector until the method and tool development process is completed. In the interim the initiative encourages companies to indicate their intention to set science-based targets by submitting a signed commitment letter.