• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 13 hours Solving The Space Problem For America’s Solar Industry
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 10 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 6 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Investment in renewables tanking
  • 9 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)
Why Russia Wants To Revive The TAPI Pipeline

Why Russia Wants To Revive The TAPI Pipeline

The revival of the Turkmenistan–Afghanistan–Pakistan–India…

China’s Economic Rebound Reshapes Emerging Markets

China’s Economic Rebound Reshapes Emerging Markets

The uneven economic recovery of…

Baker Hughes Pledges Net Zero Carbon Emissions By 2050

Oil field services provider Baker Hughes, a GE company (BHGE) said on Sunday that it is committing to cut its carbon dioxide (CO2) equivalent emissions by 50 percent by 2030, and to reach net zero CO2 equivalent emissions by 2050.

Baker Hughes will invest in the advanced technologies it develops to help its customers to cut their carbon emissions.

Since 2012, BHGE has managed to reduce its emissions by 26 percent by using new technology and creating operational efficiencies, the company said in a statement. 

“Oil and gas will continue to be an important part of the global energy mix, and BHGE is committed to investing in smarter technologies to advance the energy industry for the long-term,” Lorenzo Simonelli, chairman and CEO of BHGE, said.

“Managing carbon emissions is an important strategic focus for our business…BHGE has a long legacy of pushing the boundaries of technology and operating efficiency. Today we take this to the next level by committing to ambitious new goals for ourselves, and to providing lower carbon solutions expected by customers and society,” Simonelli noted.

BHGE’s oil and gas consultancy Gaffney, Cline and Associates is also launching a Carbon Management Practice, which BHGE says is the first such consultancy to offer quantitative assessment of carbon intensity, evaluation of carbon solutions, and the accreditation of emission reductions.

BHGE’s pledge to cut emissions comes as the biggest oil companies face challenges in how to win investors back and how to respond to investor demands to start tackling climate change in earnest.

Oil majors have been facing an unprecedented pressure from investors to set emission reduction targets. Investors also demand higher returns for sticking through with oil companies during the downturn. The world’s biggest oil companies also struggle to stay appealing to environment-conscious investors, who see them as the main culprits of carbon emissions and global warming.

By Tsvetana Paraskova for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News