Santos in 2040 Net Zero Target

Oil & Gas

Santos Ltd (OTCMKTS: SSLZY) revealed Tuesday that it is targeting net zero emissions from its scope one and two activities by 2040.

The company also announced that it aims to reduce these emissions by 26 to 30 percent, from its 2020 baseline, by 2030 and that it will actively work with customers to reduce their scope one and two emissions by more than 1mtCO2e per year by 2030.

Santos’ managing director and chief executive officer, Kevin Gallagher, said the company is already on track to exceed its existing 2025 emission targets and achieve net-zero emissions by 2050.

“Our focus over the last three years on step change technologies such as carbon capture and storage has enabled a pathway that allows us to go further faster when it comes to emissions reduction,” he said in a company statement.

“The world still relies on hydrocarbon fuels for 80 per cent of its primary energy, the same as 45 years ago, so to achieve global emissions reduction goals it is vital that companies like Santos focus on making these fuels cleaner and eventually zero emissions,” he added.

“Through large-scale carbon capture and storage, world-leading nature-based offsets, increased use of renewables and energy efficiency projects, Santos will continue to be a leading clean fuels company at the forefront of the energy transition to a lower-carbon future,” Gallagher continued.

The Santos CEO went on to state that the company’s targets and roadmap are consistent with its disciplined, low cost operating model and its corporate strategy to build and grow around its five core natural gas assets across Australia, Papua New Guinea and Timor Leste.

Santos describes itself as an Australian energy pioneer since 1954. The company is already Australia’s biggest domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier, according to its website.

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