Equilibrium & Sustainability

Phillips 66 says it will cut greenhouse emissions 30 percent by 2030

U.S. multinational energy company Phillips 66 on Thursday became the latest refiner to announce plans to reduce greenhouse gas emissions, with a goal of achieving a 30 percent reduction in emissions intensity by 2030. 

The company unveiled the plans in a press release, noting that it also hopes to reduce Scope 3 emissions intensity, which includes those from company products and jet fuel, by 15 percent of 2019 levels. 

Greg Garland, chairman and CEO of Phillips 66, said in a statement, “We believe our targets will drive innovation and create shareholder value.” 

“We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies,” he added. 

Garland went on to say that while “the challenges the energy industry and society are facing are great,” Phillips 66 “is a company of problem-solvers.” 

“We are committed to being part of the solution and helping the world address climate change,” he said. 

In addition to improving energy efficiency in its current assets, the Houston-based energy company said Thursday that it also “plans to increase the production of renewable fuels, advance the electric vehicle battery supply chain, implement carbon capture technologies at select facilities, and participate in commercial-scale lower-carbon hydrogen production.” 

The new plans come as Phillips 66 is also in the midst of changes to its Rodeo, Calif., refinery plant to convert it to using all renewable fuel resources extracted from cooking oil and food wastes. 

The company announced the goal for the plant conversion last year, which, when complete, is expected to be the largest renewable diesel facility in the world, according to Reuters

The emissions pledges also come with one month to go util the long-anticipated U.N. Climate Change Conference in Glasgow, Scotland, where world leaders are expected to meet to discuss ongoing climate plans in line with the goals of the 2015 Paris Agreement. 

President Biden reentered the Paris Agreement this year after former President Trump withdrew the U.S. from it. 

The Biden administration has announced a goal of cutting carbon emissions in half by 2030 when compared to 2005 levels. 

Tags Carbon finance Climate change mitigation Donald Trump Emissions reduction Greenhouse gas emissions Joe Biden Phillips 66 Reuters

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