GHG Emissions, Industrial - October 4, 2021
Phillips 66 Targets a 30% Emissions Cut
Phillips 66 announced Sept. 30 its new target to reduce emissions intensity from its operations by 30% before 2030.
The energy company is also targeting a 15% reduction in Scope 3 emissions intensity by that same deadline, compared to 2019 levels. To reach these targets, the company plans to continue to invest in improving the energy efficiency of its assets, increasing the production of renewable fuels, advancing the EV battery supply chain, using carbon capture at select facilities and participating in commercial-scale lower-carbon hydrogen production.
Six of Phillips 66’s facilities have already earned ENERGY STAR certifications from the EPA since 2012. The company continues to prioritize a lower-carbon business platform, which includes expanding access to renewable feedstocks, producing renewable fuels and advancing sustainable aviation fuel.
Phillips 66 also plans to support its emissions targets by leveraging its in-house research and development organization, the Energy Research & Innovation group. The group explores ways to develop lower-carbon technologies to support the energy transition, such as sodium-ion batteries, and has already received U.S. patents for a variety of projects, including biofuels, carbon capture and sequestration, fuel cells and low-carbon hydrogen.
“We believe our targets will drive innovation and create shareholder value. We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies,” Greg Garland, Phillips 66 chairman and CEO, said in a statement. “The challenges the energy industry and society are facing are great, but Phillips 66 is a company of problem-solvers. We are committed to being part of the solution and helping the world address climate change.”
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