Greenhouse gas (GHG) emissions are one of the primary causes of global warming, and the oil and gas industry generates one-third of world emissions, both directly and indirectly. Burning oil, fossil fuels, and other sources emit greenhouse gases such as CO2, methane, and NOx. Key contributing industries have acknowledged the need of tracking greenhouse gas emissions throughout their operations as corporate GHG emissions have increased.
GHG emissions are classified into three categories: scope 1, 2, and 3. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company. Scope 2 emissions are indirect GHG emissions including emissions from the company's purchased or acquired energy, steam, heat, and cooling. Scope 3 refers to the company's other indirect emissions, which arise from sources that the company does not own or control. Scope 3 emissions account for the majority of oil and gas companies' total GHG emissions.
Shell, Petrobras, and Chevron are large oil and gas companies with a considerable amount of greenhouse gas emissions.
Shell is one of the major GHG emitters with a turnover of $261 billion in 2021. Shell’s total GHG emissions were 1,367 million tonnes CO2 equivalents (MtCO2eq) while Scope 3 emissions accounted for 1,299 MtCO2eq which is 97.14% of Shell’s total GHG emissions in 2021. The company is working to reduce emissions, announcing in October 2021 that it aims to reduce absolute emissions by half by 2030.
Petrobras, a Brazil-based leading oil and gas company, is one of the largest contributors to GHG emissions with a revenue of $81 billion in 2021. In 2021, Petrobras’ total GHG emissions were 498 MtCO2eq, dominated by Scope 3 emissions, accounting for 87.6% of its total GHG emissions. The oil and gas company has invested around $248 million for decarbonization in its Neutral Carbon Program to promote sustainability.
Chevron is a US-based major oil and gas company with a turnover of $155.6 billion in 2021. Chevron's overall GHG emissions in 2021 were 469 MtCO2eq, with Scope 3 emissions accounting for the majority. Chevron is working to reduce emissions by developing innovative products and solutions to minimize carbon emissions in key industries, with the goal of attaining lower carbon intensity oil, goods, and natural gas.
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