Greenhouse gas (GHG) emissions are one of the primary causes of rising global warming, and the oil and gas industry accounts for one-third of global emissions, both directly and indirectly. A substantial amount of greenhouse gases emitted by burning oil, fossil fuels, and other sources include CO2, methane, and NOx. As corporate GHG emissions have increased, it has become increasingly important for key contributing industries to track greenhouse gas emissions throughout their operations.
Valero Energy Corp (Valero) is a downstream company that produces and markets transportation fuels and petrochemical products. Total GHG emissions reported by the oil & gas company were around 30.3 million tonnes CO2 equivalents (MtCO2eq) in 2020, which was decreased by 6.8% from 2020.
Scope 1,2, and 3 emissions are the three categories of GHG emissions. Direct GHG emissions from sources owned or controlled by the corporation are referred to as Scope 1 emissions. GHG emissions from the company's purchased or acquired energy, steam, heat, and cooling are included in Scope 2 (Indirect GHG emissions). Scope 3 refers to the company's other indirect emissions, which arise from sources that the company does not own or control.
Scope 1 emissions account for nearly 25.4 MtCO2eq (84%) of Valero's total GHG emissions in 2020. Scope 2 emissions have dropped by 4.3% to 5 MtCO2eq in the same year. Valero has not disclosed its Scope 3 emissions.
Valero has set a target to offset 63% of its global refining Scope 1 and 2 GHG emissions by 2025. The oil and gas company will invest almost $2 billion in low-carbon fuels and projects between 2021 and 2023 to reduce carbon emissions.
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