One of the key reasons for rising global warming is greenhouse gas (GHG) emissions, and the oil and gas industry contributes to one-third of global emissions, both directly and indirectly. CO2, methane, and NOx are among the greenhouse gases emitted by burning oil, fossil fuels, and other sources. As corporate GHG emissions have risen, key contributing industries have realized the importance of tracking greenhouse gas emissions throughout their operations.
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, an integrated oil and gas company based in the UK, is one of the major GHG emitters with a market capitalization of $219 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. 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 market capitalization of $88 billion. 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 has a market valuation of $349 billion, making it one of the largest oil and gas companies in the world. 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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