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