Australia’s Santos deepens 2030 GHG reduction target

Australia’s Santos deepens 2030 GHG reduction target

Australia's Santos deepens 2030 GHG reduction target

Sydney, 30 March (Argus) — Australian independent Santos plans to deepen its greenhouse gas (GHG) emission cuts to 30pc for scope one and two emissions by 2030, up from its previous target of 26-28pc by the end of the decade.

Scope one covers emissions produced from the extraction of oil and gas and scope two covers emissions released from the energy used in the extraction process.

The revised target was announced in Santos' 2022 climate change report released today and includes the operations it acquired through the A$21bn ($15.8bn) merger with fellow independent Oil Search that was completed in December. The previous GHG reduction target was made before the merger.

An additional 2030 target was announced, with Santos pledging to cut at least 1.5mn t of CO2/yr from the supply of clean fuels. It maintained its 2040 target of net zero GHG emissions for its scope one and two emissions. The combined Santos and Oil Search equity scope one and two emissions totalled 5.9mn t of CO2 equivalent (CO2e) in the 2019-20 fiscal year to 30 June, meaning a 30pc cut would translate to 4.1mn t of CO2e by 2030.

Santos also plans to raise its LNG exports