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Phillips 66 to cut 30% greenhouse gas emissions by 2030 By Reuters


© Reuters. FILE PHOTO – The Phillips 66 station at Superior, Colorado (USA), July 27, 2017. REUTERS/Rick Wilking/File Photo

(Reuters) -U.S Refiner Phillips 66 (NYSE:) said on Thursday it would cut greenhouse gas emissions by 30% from its operations by 2030, amid mounting pressure on the industry to join the fight against climate change and cut carbon emissions by mid-century.

Refiners have been under pressure to set ambitious goals and work more efficiently since the 2015 Paris Climate Agreement (3.6 F) established a target to limit global warming to below 2 degrees Celsius (3.0 F).

In a statement, Chief Executive Greg Garland stated that Phillips 66 supports the Paris Agreement’s ambitions and will contribute to the development of lower-carbon technologies and energy efficiency.

It expects to meet the goal through investment in low-carbon platforms such as renewable fuels and lithium-ion battery, carbon capture, hydrogen, and other lower-carbon technologies.

From 2019, the refiner will reduce Scope 3 emissions intensity for its energy products by 15%. Scope 3 emissions include greenhouse gas emissions from the products that company sells such as gasoline and jet fuel.

Phillips 66, a California-based company, is currently converting Rodeo to become the largest facility for renewable diesel in the world. This conversion will use cooking oil and waste from food. (https://reut.rs/2Y4F6HA)

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.