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.
Marathon Petroleum Corp (MPC) is a downstream energy company that refines, markets, and transports petroleum products. Total GHG emissions reported by the oil & gas company were around 392 million tonnes CO2 equivalents (MtCO2eq) in 2020, which was decreased by 17% from 2019. The oil and gas company is taking steps to reduce the environmental impact of GHG emissions from its operations in alignment with the Paris Agreement.
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 3 emissions form the major portion of MPC’s total GHG emissions, accounting for around 352 MtCO2eq (89.7%) of total GHG emissions in 2020. The company’s Scope 1 emissions have decreased to around 32.2 MtCO2eq and Scope 2 emissions remained constant at 8 MtCO2eq in 2020.
MPC is working on reducing greenhouse gas emissions by enhancing the efficiency of operational activities. In 2021, The company has allocated around 40% of its growth capital toward increasing the production of renewable fuels and lowering carbon intensity.
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