A methane target aligns with our focus on reducing carbon dioxide-related (CO2) financed emissions and supports our ambition to be net zero by 2050. The Group has committed to set a baseline and identify a science-based target for sector-specific methane emissions by 2025.
Following our 2023 Annual Report and in line with our position statements, we have updated our approach to greenhouse gas emissions reduction by turning our attention to the methane emissions resulting from client activities. This new target, applicable to the oil and gas sector, builds on best practice and the stated ambition of leaders in the industry to address methane emissions, as outlined at
The monitoring and reporting of methane emissions remains nascent. When compared with the equivalent carbon dioxide emission profile, the impact of methane emissions is significantly higher, with estimates placing it at more than 25 times more potent, making it a critical lever in seeking to mitigate climate change. By taking action on methane-related emissions,
Commenting on the announcement,
'Addressing methane emissions is critical if we are to reduce the collective impact of greenhouse gases on our environment. As technology for monitoring and identification improves, and with demonstrable commitment from clients, we believe it is important to support and encourage the movement to new industry best practice with further accountability and transparency by setting targets that build on our existing decarbonisation efforts.'
The methane emissions reduction commitment complements our net zero roadmap. Read more about our net zero approach in our recent methodological whitepaper: www.sc.com/netzeropaper.
For further information please contact:
Global Head,
+44 (0) 7990 784478
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