Energy Efficiency, Energy Storage, GHG Emissions - March 2, 2022
Phillips 66 Sets 2050 GHG Reduction Target
Phillips 66 announced it intends to reduce the GHG intensity from its operations companywide 50% by 2050. The new target builds upon the company’s previously announced Scope 1 and 2 GHG emissions reduction targets.
“We are committed to being part of the solution and helping the world address climate change,” said Phillips 66 Chairman and CEO Greg Garland in a statement. “Our 2050 target further reflects our drive to create shareholder value and ensure Phillips 66 participates in the energy transition. We support the ambitions of the Paris Agreement and are increasing our commitment with the 2050 target. The company’s investments to meet its targets will be consistent with its disciplined approach to capital allocation.”
Phillips 66 introduced 2030 targets in 2021. Both sets of targets are compared to 2019 levels.
The company’s 2022 capital program of $1.9 billion includes $916 million for growth capital, of which 45% supports lower-carbon opportunities.
Phillips 66 reported progress toward developing a lower carbon business, pursuing opportunities in renewable feedstocks and fuels, sustainable aviation fuel, the U.S. supply chain for batteries, and lower-carbon hydrogen, among other areas. The company has active U.S. patents in a number of areas, including biofuels, carbon capture, fuel cells, and hydrogen.
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