Energy manufacturing and logistics company Phillips 66 (NYSE: PSX) has announced that it plans to cut the greenhouse gas emissions of both its operations and its energy products by the year 2030. The company has also backed its statement with measurable, attainable and impactful targets that were outlined in a presentation published on its official website.
As part of its plan, Phillips 66 intends to slash Scope 1 and Scope 2 emissions intensity from its operations by 30%. And the Scope 3 emissions intensity of its energy products are to be cut down by 15%, with respect to 2019 levels.
The company’s goals are in alignment with the Paris Agreement, and, according to the statement of CEO Greg Garland, Phillips 66 is committed to doing its part in the global energy transition by developing low-carbon technologies, as well as by improving energy efficiency.
Specifically, six of the company’s assets have already earned ENERGY STAR certifications since 2012 from the Environmental Protection Agency, which demonstrates its commitment to meeting its goals.
Furthermore, Phillips 66 is on its way to ramp up the production of renewable fuels and introduce carbon capture and storage (CCS) technology at a number of its existing facilities.
Garland made it clear that, although the present challenges that we face as a society at the moment are indeed very grave, Phillips 66 is focused on solving problems and is eager to be a part of the solution for the climate crisis.
The new targets set by the company actually build on its lower-carbon strategy that has already allowed to make significant progress toward creating a lower-carbon business platform. This includes but is not limited to pushing for sustainable aviation fuel, as well as partaking in the lithium-ion batteries supply chain in the US.
Another strong asset that Phillips 66 has to help it reach its goals is its very own research and development organization that is focused on developing technologies that will help move the energy transition forward.