Photo: Illustration; Source: Wood

Wood aims for 40 pct greenhouse gas emission reduction by 2030

Oilfield services company Wood has pledged to reduce its greenhouse gas emissions by 40 per cent by 2030.

Wood said on Friday that this science-based target was focused on reducing its scope 1 and 2 greenhouse gas emissions.

This absolute reduction target is set using 2019 figures as a baseline which currently stands at 179,587 CO2e from Wood’s controlling interest activities.

The company will formally submit its target to the Science Based Targets Initiative (SBTi). That is a joint initiative of CDP, the UN Global Compact (UNGC), the World Resources Institute (WRI), and the WWF which enables companies to set ambitious and meaningful corporate GHG reduction targets.

According to Wood, its target will put the company on a trajectory well beyond the 2-degree Celsius temperature goal identified by the Paris Agreement, as it continues to take action to reduce its carbon footprint.

Wood’s commitment to this target ensures the company is accountable for minimising its own environmental footprint in addition to the technical solutions it provides to clients. This work covers wind, solar, carbon capture and storage, hydrogen, and waste to energy, as well as solutions to help oil, gas and chemicals clients achieve their own decarbonisation targets”, the oilfield services provider said.

The company stated that this would also mean designing, planning, and delivering sustainable and less carbon-intensive infrastructure, as cities continue to grow.

Robin Watson, Wood chief executive, said: “Today, Wood is signalling a clear commitment to lower our carbon footprint in the next 10 years to support greenhouse gas emissions reduction targets.

As a member of the United Nations Global Compact and a long-standing contributor to CDP Climate Change, we believe in the importance of setting science-based carbon reduction targets. Working with our partners, our people and our communities we will build a lower carbon world that enables sustainable growth for future generations.

As well as setting targets for Wood, we see a key role for our business in the global energy transition journey, applying our technical expertise and trusted experience to support the decarbonisation commitments of companies and governments in a range of industries“.

This year apparently is the year for GHG emission pledges and net-zero initiatives with several oil majors leading the charge.

BP, Shell, Neptune, and Equinor have all revealed their plans to achieve net-zero. All have different strategies and plans in place for how to achieve those goals.

BP has its “five aims” which will help it come to a net-zero status by 2050. Equinor has its goals depending on the decade resulting in net-zero by 2050 and Neptune’s plan revolves around a 60 per cent reduction in carbon intensity by 2030.

Shell, on the other hand, has a plan focused on a 2050 target for net-zero and a 65 per cent net carbon footprint reduction of its energy products by the same year.