Energy Efficiency, GHG Emissions, Industrial - July 20, 2023
Hess Corporation Sets 2025 Goals
Hess Corporation set new five year reduction targets for 2025 to lower operated Scope 1 and 2 GHG and methane emissions intensities by approximately 50% from 2017 and to achieve zero routine flaring from its operations.
In 2022, Hess, an energy company engaged in the exploration and production of crude oil and natural gas, made significant progress toward these five-year targets and made a commitment to achieve net zero Scope 1 and 2 GHG emissions on an equity basis by 2050. As part of its voluntary commitments, the company is actively supporting industry efforts to adopt methane measurement, reporting and verification protocols and pursuing advancements in methane detection and measurement technologies.
Details were published in its annual sustainability report, which provides a comprehensive review of the company’s strategy and performance on environmental, social and governance (ESG) programs and initiatives.
“In keeping with our company’s purpose to be the world’s most trusted energy partner, we are focused on building a sustainable enterprise that helps meet the world’s growing energy needs in a safe, environmentally responsible, socially sensitive and profitable way,” CEO John Hess said in a statement. “Our strategy is to grow our resource base, deliver a low cost of supply and generate industry leading cash flow growth. As we continue to execute our strategy, our commitment to sustainability will remain a top priority throughout our company.”
In December 2022, Hess announced an agreement to purchase high quality, independently verified REDD+ carbon credits for a minimum of $750 million between 2022 and 2032 directly from the government of Guyana.