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Schlumberger commits to net zero by 2050

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(Kitco News) - Schlumberger announced today its commitment to achieve net-zero greenhouse gas (GHG) emissions target by 2050.

Schlumberger said it is committed to getting to net zero, using 2019 as a baseline year, supported by a comprehensive near-term emission reduction roadmap and interim targets, including a 30% reduction in Scopes 1 and 2 by 2025; a 50% reduction in Scopes 1 and 2, and 30% reduction in Scope 3 by 2030; and net zero by 2050, with minimal reliance on offsets.

Along this journey to net zero, Schlumberger said it will ensure transparency in alignment with the Task Force on Climate-related Financial Disclosures and Sustainability Accounting Boards frameworks. In this context, Schlumberger is working with the Science-Based Target initiative for formal external validation of its 2030 target.

"We have a 2050 net-zero carbon emissions ambition which I believe is unique in our industry due to our capabilities as a technology company and our culture grounded in science. This reinforces our commitment to unlocking access to energy, for the benefit of all," said CEO Olivier Le Peuch. "Our net-zero target is inclusive of total Scope 3 emissions; this is a first in the energy services industry."

Schlumberger's decarbonization plan is aligned with the Paris Agreement to limit global warming to 1.5 degrees Celsius, achieving a climate neutral world by mid-century. Schlumberger said it is on track to achieve its previously set near-term emissions reduction target of 30% by 2025 for Scope 1 and 2, ahead of schedule.

Schlumberger (SLB: NYSE) is a technology company that partners with customers to access energy. The company is providing leading digital solutions and deploying innovative technologies to enable performance and sustainability for the global energy industry.

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