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Climate Change

Tuesday
22 Jun 2021

Devon Energy Sets Net Zero 2050 Emissions Targets, ESG Performance Goals

22 Jun 2021  by worldoil.com   
Devon Energy announced it is establishing new environmental performance targets focused on reducing the carbon intensity of its operations, minimizing freshwater use, and engaging constructively with its value chain.

“We know that strong environmental performance is essential to protecting the communities in which we live and operate, managing risk, and generating long-term value for stakeholders,” said Rick Muncrief, Devon Energy President and CEO.

Key metrics for Devon’s environmental performance targets include:

Achieve net zero greenhouse gas (GHG) emissions for Scopes 1 and 2 by 2050

Reduce Scopes 1 and 2 GHG emissions intensity by 50% by 2030

Reduce methane emissions intensity by 65% by 2030

Achieve flaring intensity of 0.5% or lower by 2025 and eliminate routine flaring by 2030

Continue to advance water recycling rate and to use 90% or more non-freshwater for completions activities in the most active operating areas within the Delaware Basin

Engage value chain in assessment of performance in key environmental, social, and governance (ESG) areas

“Devon is setting aggressive goals to lower its carbon impact, while continuing to return value to shareholders. We know the need for oil and gas will remain for decades, but as good stewards, it is incumbent on us to improve how we produce and deliver it,” Muncrief said.

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