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January 28, 2019

Oil giant Baker Hughes GE pledges zero emissions by 2050

At the 20th Annual Meeting, BHGE has announced that it will reduce its CO2 equivalent emission to net zero by 2050.

By Molly Lempriere

At this year’s Annual Meeting in Florence, Baker Hughes, a GE company (BHGE), announced that it would reduce its emissions of CO2 equivalents to net zero by 2050. The company committed to further investments in advanced technologies to help its customers reduce their emissions across the supply chain.

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BHGE started considering its CO2 emissions in earnest in 2012, and has already reduced them by 26%. It will now aim to achieve a reduction of 50% by 2030, by reducing emissions by around 3% annually before making further reductions throughout its supply chain to virtually eradicate it’s emissions in the following 20 years.

This will be achieved through a range of initiatives across its manufacturing, supply chain, logistics, energy sourcing and generation sectors. These include new technologies such as its Lumen methane monitoring and inspection solution and it’s fully hydrogen powered NovaLT gas turbine generator technology.

“Oil and gas will continue to be an important part of the global energy mix, and BHGE is committed to investing in smarter technologies to advance the energy industry for the long-term,” said Lorenzo Simonelli, chairman and CEO of BHGE. “Managing carbon emissions is an important strategic focus for our business. We believe we have an important role to play as an industry leader and partner. BHGE has a long legacy of pushing the boundaries of technology and operating efficiency. Today we take this to the next level by committing to ambitious new goals for ourselves, and to providing lower carbon solutions expected by customers and society.”

As part of this goal, BHGE’s Gaffney, Cline and Associateshas launched the Carbon Management Practice. This will provide a full assessment of carbon intensity and solutions, as well as accreditation of emissions reductions. It hopes that such a process will help companies and governments to choose and implement solutions for the reduction of emissions.

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Free Report
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How are oil and gas companies strategizing in response to the electric vehicle market?

Electric mobility is a crucial element of the successful energy transition. Electric vehicles (EVs) are expected to account for over one-third of the new car sales worldwide by 2031, and so oil and gas companies are reacting with heavy investments across the EV value chain. Such investments are being made in a bid to remain relevant within this exciting segment.  GlobalData’s free report, Oil & Gas Sector Strategies in Electric Vehicles, reveals that transportation accounts for almost half of the petroleum products demand. However, the wider adoption of electric vehicles could slow the pace of petroleum products demand in the future.   Our report includes:  
  • Petroleum products demand forecast till 2026 by sector 
  • Potential targeted areas for oil & gas companies to enter the EV value chain 
  • EV strategies of oil & gas companies across major regions in the world 
Use this report to help navigate a new frontier for the oil & gas industry.  
by GlobalData
Enter your details here to receive your free Report.

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