Var Energi Targeting Net-Zero From Its 35 Oil And Gas Fields By 2030

Oil and gas company Var Energi has revealed a set of new climate goals, one of them being climate neutrality by 2030.

Var Energi said that it was aiming to be climate neutral in Scope 1 and 2 activities by 2030 – which means net-zero greenhouse gas emissions from all the 35 producing oil and gas fields where Var Energi is an operator or partner.

In addition, emissions from all emergency response and supply vessels and oil tankers will be reduced to net-zero by 2025 (Scope 3).

“The clock is ticking, and action is needed. Sustainability and environment now run as a green thread through all activities in Var Energi. We have established a roadmap for how we will achieve the main goal of close to zero greenhouse gas emissions in 2050. Becoming climate neutral by 2030 is an important step on the road to zero”, Var Energi CEO Torger Rød said.

The new target is a major increase from the ambitions set in 2020 when the company declared a 50 percent reduction of CO2 emissions from its operations by 2030.

“We recognize that we have a demanding task ahead of us, and emissions that we are unable to remove through operational measures will be compensated through certified offset measures to achieve the goal of becoming climate neutral by 2030,” he added.

Offset measures were introduced in the Paris Agreement in 2015 and are considered important in the work to reduce emissions. Further development of the concept was high on the agenda during the climate summit in Glasgow – COP 26.

The company added that sustainability was an important part of how Var Energi carries out business activities. Its goal is to create long-term value by managing natural resources in a safe, responsible, and sustainable way.

Var Energi also stated that it supports the UN’s Sustainability Goals (SDGs), with special attention directed towards goals where the company can have a noticeable and concrete impact.

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