GlobalData offers a comprehensive analysis of Subsea 7, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Subsea 7‘s ESG performance. GlobalData’s company profile on Subsea 7 offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Subsea 7, a leading offshore energy company, has set target for net zero by 2050. The company aims to reduce scope 1 and 2 emissions by 50% by 2035 compared to a 2018 baseline. In 2022, the company reported Scope 1 emissions of 617,309 tCO2-e, Scope 2 emissions of 1,794 tCO2-e, and Scope 3 emissions of 47,886 tCO2-e. Subsea 7 recognizes the importance of reducing greenhouse gas (GHG) emissions and is committed to managing climate-related risks and opportunities.
Subsea 7 has taken steps to reduce emissions, including using hybrid vessels and implementing energy-saving measures. These initiatives have resulted in a reduction in CO2 emissions and fuel consumption. To achieve its emission reduction targets, Subsea 7 is developing a Carbon Management System to measure and report its full carbon footprint in greater detail. The company is also investing in research and development associated with the energy transition and renewable energy projects. Subsea 7's renewables business unit, Seaway 7 ASA, aims to support the installation of 18GW of cumulative power capacity by 2025 and 30GW by 2030.
In conclusion, Subsea 7 is actively working towards reducing its carbon and GHG emissions and has implemented measures to reduce emissions, including using hybrid vessels and energy-saving initiatives. Subsea 7's renewables business unit is actively supporting the growth of renewable energy projects. By investing in research and development and aligning its operations with the EU Taxonomy on climate-change mitigation and adaptation, Subsea 7 is playing a crucial role in the energy transition and addressing climate change challenges.