We are targeting carbon neutrality across our operations as an oil and gas exploration and production company from 2025
Focus of our Decarbonisation Strategy
Lundin Energy is a leading oil and gas producer in terms of efficient and responsible production but we want to do more. In 2020, we formalised our Decarbonisation Strategy, which sets a target for carbon neutrality from 2025 across our operations. The boundary of our carbon neutral target is Scope 1 and 2 emissions, and Scope 3 emissions related to our supply chain (supply vessels, tankers and business travel).
This Strategy confirms our focus as an oil and gas producer, while committing to support and implement innovative ways to further reduce our exploration and production related carbon footprint to the lowest possible levels.
As part of our Decarbonisation Strategy we have defined a roadmap that incorporates investments in energy efficiency, electrification, renewable energy and natural carbon capture. We will reduce our absolute Scope 1 and 2 emissions by 55% across our operations by 2023, from 2019 levels. The remaining 45% of hard-to-abate emissions, along with our Scope 3 supply chain emissions, will be offset through natural carbon capture. This Strategy confirms our focus as an efficient oil and gas explorer and producer, while committing to support and implement innovative ways to further reduce our exploration and production related carbon footprint to the lowest possible levels.
Our investments in renewable power generation
We aim to replace 100 percent of our net electricity usage at Johan Sverdrup, and subsequently Edvard Grieg, through profitable investments in renewable energy. Two renewable energy projects commenced in 2020 and will replace around 60 percent of the Company’s net electricity usage from 2023.
Our strategy is to fully replace all net electricity usage for power from shore with further direct investments in renewable energy power generation.