Today marks the release of our annual report – and while we’re required to publish it for shareholders, it’s relevant to wider audiences who want to learn more about our net zero ambition and new business strategy.
The report – all 352 pages of it 😊 – helps our stakeholders to measure our progress, both financially and on issues like climate. We report quarterly on financial performance, but this year’s report offers the first real insight into how we are doing on our net zero aims.
You’ll need to dig into the report itself for all the details and definitions – but at a high level, we have seen a drop in absolute emissions.
We must acknowledge a big part of this is down to the impact of the pandemic and sale of some of our businesses. 2020 was a unique year for emissions – and we expect fluctuations in future. With that said, I am encouraged by our progress in 2020.
Overall, we reduced our direct and indirect emissions from our own operations (scope 1 and 2 – covered by our net zero aim 1) by 16% in 2020. That was driven by divestments and our own emissions reduction activities – like flaring reduction projects in Angola and the US.
And the estimated end-use emissions (scope 3 – covered by our net zero aim 2) from the carbon in our upstream oil and gas production also fell – by 9%. For context, we’re targeting 20% reductions for both aims 1 and 2 by 2025 from our 2019 baseline.
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