We are targeting carbon neutrality across our operations as an oil and gas exploration and production company from 2023
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 2023 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 2023, from 2020 levels. This target puts Lundin Energy on track to meet the targets of the Paris Agreement 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. The remaining 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.
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.
Natural carbon capture projects
To reach carbon neutrality by 2023, we are investing MUSD ~50 in natural carbon capture projects. We are developing proprietary reforestation projects with our two partners, Land Life Company and EcoPlanet Bamboo, to neutralise our hard-to-abate residual emissions. The CO2 removed and sequestered by these projects will be equivalent to taking more than 100,000 cars off the road permanently.
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