Phillips 66 Says It Will Cut Emissions 30% By 2030

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Varun Hukeri General Assignment & Analysis Reporter
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U.S. oil refiner Phillips 66 announced Thursday it will cut greenhouse gas emissions by 30% from its operations and products by 2030, a move that follows mounting pressure on the energy sector to reduce emissions.

Phillips 66 said in a press release it will cut Scope 1 and Scope 2 emissions by 30% by the end of the decade, affecting emissions that come directly from the company’s operations such as refineries, compressors and equipment. It also plans to cut Scope 3 emissions by 15%, affecting indirect emissions such as those from consumer use of its products.

“The challenges the energy industry and society are facing are great, but Phillips 66 is a company of problem-solvers,” said CEO Greg Garland. “We are committed to being part of the solution and helping the world address climate change.”

In addition to its emissions reduction pledge, the Houston-based energy company announced it “plans to increase the production of renewable fuels, advance the electric vehicle battery supply chain, implement carbon capture technologies at select facilities, and participate in commercial-scale lower-carbon hydrogen production.”

Phillips 66 is also making changes to its refinery plant in Rodeo, California that will allow the plant to use renewable fuel resources for power, including fuel extracted from cooking oil and food waste, according Reuters. The conversion would make the refinery plant the largest renewable fuel facility in the world.

The energy sector is facing mounting pressure from climate groups and governments to reduce emissions. In a landmark decision for the energy sector, a Dutch court ruled in May that the oil giant Shell must considerably reduce its emissions by 2030. (RELATED: Hundreds Of Corporate Executives Ask Biden For Stricter Emissions Goals)

World leaders are also expected to outline climate plans in line with the 2015 Paris Climate Accord at the United Nations Climate Change Conference in November. President Joe Biden committed the U.S. in April to cutting emissions by at least 50% by 2030.

“We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies,” Garland said in a statement.