*Big Oil
News wire — The world’s top oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the use of the products they sell.
Some companies, including BP, Norway’s Equinor and Spain’s Repsol, aim to reduce some or eliminate all of their emissions in absolute terms by 2050.
Others, including Royal Dutch Shell and Total, are focusing on the reducing the carbon intensity of their operations and products.
Intensity-based targets measure the amount of greenhouse gas (GHG) emissions such as methane and carbon dioxide per unit of energy or barrel of oil and gas produced.
That means that absolute emissions can rise with growing production, even if the headline intensity metric falls.
Reducing emissions will require a well-functioning market for carbon, the scaling up of carbon capture and storage technology and the development of competitive uses of hydrogen, many of the companies have said.
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- Reuters
