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 Net Zero 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 services company, has set a target to achieve net-zero emissions by 2050. The company aims to reduce scope 1 and 2 emissions by 50% by 2035 compared to a 2018 baseline. According to Sustainability Report 2022, the company's Scope 1, Scope 2, & Scope 3 GHG emissions were 617,309 CO2-e, 1,794 CO2-e, and 47,886 CO2-e tonnes respectively. The company is developing a Carbon Management System to measure and report its full carbon footprint in greater detail. Subsea 7's latest filings mentioned the keywords ‘Emissions’ and ' Carbon’ most number of times in relation to 'Net Zero'.
In 2022, Subsea 7's scope 1 emissions increased due to an increase in operational activity and fuel consumption from the addition of six heavy transportation vessels as part of the business combination with OHT ASA. The company's scope 2 emissions decreased, and it supported 10.5 GW of cumulative power capacity of renewable projects. Subsea 7 is committed to translating its renewable capabilities into benefits for clients within the fixed offshore wind industry and has set a target of supporting 18 GW of cumulative power capacity installed by 2025 and 30 GW by 2030.
In conclusion, to achieve its net-zero targets, Subsea 7 is taking steps to reduce emissions, including using hybrid vessels and implementing energy-saving measures. Subsea 7's risks related to greenhouse gas emissions are integrated into its climate-related considerations. Subsea 7 recognizes the importance of reducing the impact of climate change on both its strategic direction and financial performance. The company aims to enable the growth of renewables and emerging energy while continuously evolving lower-carbon oil and gas. Subsea 7's ESG ratings and rankings include a score of 52 from S&P Global ESG and a score of 19.9 from Sustainalytics.