Schlumberger Becomes First Company in Upstream E&P Services to Commit to Science-Based Target in Emissions Reduction
The target will align Schlumberger with the goals of the Paris Agreement to reduce climate change
PARIS--(Business Wire / Korea Newswire) December 20, 2019 -- Schlumberger announced today its commitment to setting a science-based target to reduce its greenhouse gas (GHG) emissions. Schlumberger’s commitment has been submitted to the Science Based Targets initiative (SBTi) and, in line with the defined criteria, Schlumberger will define its reduction target by 2021. This commitment is part of the company’s thought leadership and focus on environmental and social sustainability through its industry-leading Global Stewardship program.
Science-based targets in line with the latest climate science must meet the goals of the Paris Agreement, an agreement developed in 2016 by the United Nations Framework Convention on Climate Change (UNFCCC) that seeks to reduce GHG emissions. The Paris Agreement focuses on limiting global warming to well-below 2°C above pre-industrial levels.
Schlumberger CEO Olivier Le Peuch said, “The energy industry has a key role to play in reducing the effects of climate change. Schlumberger seeks to lead positive, measurable changes in GHG emissions within the industry to help reduce climate change. The application of our industry-leading environmentally responsible technologies will help drive process efficiency and environmental footprint reduction.”
The SBTi champions science-based target setting as a powerful way of boosting companies’ competitive advantage in the transition to the low-carbon economy. It is a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI), and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments.
Schlumberger is the world‘s leading provider of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. With product sales and services in more than 120 countries and employing approximately 105,000 people who represent over 140 nationalities, Schlumberger supplies the industry’s most comprehensive range of products and services, from exploration through production, and integrated pore-to-pipeline solutions that optimize hydrocarbon recovery to deliver reservoir performance.
Schlumberger Limited has executive offices in Paris, Houston, London and The Hague, and reported revenues of $32.82 billion in 2018. For more information, visit www.slb.com
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