Halliburton announced today that it has entered a program designed for companies to reduce their greenhouse-gas emissions (GHG).
The oilfield services company said it has submitted a letter of intent with the Science Based Targets Initiative (SBTI), the first step to developing a full-fledged emissions-reduction plan under the initiative.
Halliburton plans to establish its first emissions targets next year with the SBTI. The SBTI is then expected to independently validate the targets by 2022. The SBTI was formed in 2015 and includes more than 1,000 corporate members.
“Our industry plays an important role in reducing greenhouse-gas emissions and provides us a great opportunity to do what we do best: innovate, collaborate, and execute to drive efficiencies and affect change,” Jeff Miller, president and CEO of Halliburton, said in a statement.
Halliburton’s announcement noted that the emissions-reduction targets are based on “what the latest climate science outlines is necessary to meet the goals of the Paris Accord,” which seeks to hold the global temperature rise to below 2°C pre-industrial levels.
SBTI states that achieving this will require a 50% reduction from current GHG emissions by 2030. By 2050, industries around the world will need to reach net-zero emissions.
How companies work with SBTI to set science-based targets:
- Submit a letter establishing intent to set a science-based target
- Develop an emissions-reduction target in line with the SBTI’s criteria
- Submit target to the SBTI for official validation
- Announce target and inform stakeholders
- Disclose companywide emissions and track target progress annually
