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. Our Decarbonisation Strategy 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, logistics and business travel). Additionally, we have set an absolute emissions reduction target for net Scope 1 and 2 emissions of 50% by 2025, from 2020 levels. This target puts Lundin Energy on track to meet the Paris-aligned trajectory much earlier than required.
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 and renewable energy. 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 neutralised 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
Lundin Energy has committed to three renewable projects, with a combined net power generation of around 600 GWh per annum from late 2023, which will cover all of our expected net electricity usage for our offshore producing assets.
This means that from end 2023 over 95 percent of our oil production will be powered by our own generated renewable energy.
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