OMV Updates 2030 Goals - Smart Energy Decisions

Energy Efficiency, GHG Emissions, Solar  -  March 16, 2022

OMV Updates 2030 Goals

OMV, a Vienna-based international, integrated oil, gas and chemicals company, announced it  aims to become a net-zero emissions company by no later than 2050 by reducing its oil and gas production by around 20% by 2030.

The company will completely cease oil and gas production for energy use by 2050 and instead the chemicals and materials division will be the growth engine of the company. The Refining & Marketing business is to become a leading European provider of sustainable fuels, feedstock, and mobility solutions while the Exploration & Production business segment will invest in geothermal energy and carbon capture and storage (CCS) leveraging existing assets and capabilities and contribute to a more sustainable society.

"If we want to maintain and expand living standards around the world while ensuring the survival of our society, we must move to a more sustainable way of doing business,” Alfred Stern, OMV CEO and Chairman of the Executive Board in a statement. “For this reason, OMV will re-invent essentials for sustainable living."

 OMV commits to becoming a net zero company in Scope 1, 2 and 3 by 2050 and the plan includes emission reduction targets of 30% in operations (Scope 1 & 2) and a 20% reduction target in the product portfolio (Scope 3) for 2030. Portfolio upgrades, enhancing efficiency, increasing renewable energy purchases, reducing throughput and sales of fossil refinery products, and increasing the share of recycled and sustainable feedstocks will be the key levers in achieving these targets. 

OMV is expanding its capabilities to take advantage of the growth in e-vehicle charging, and plans to invest over EUR 400 million by 2030 and will offer more than 2,000 e-charging points by 2030 at highway and transit route filling stations, plus around 17,000 office wall-box charging points by 2030.

The company is also aiming to increase sales of Sustainable Aviation Fuel to more than 700,000 metric tons. OMV will also expand its solar and wind power generation for captive use to at least 1 TWh and explore opportunities in gas and hydrogen storage solutions.

 

Keywords: OMV

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