5th Jun 2020 08:47
(Alliance News) - John Wood Group PLC on Friday said it has pledged to shrink its carbon emissions by 40% in the next ten years.
The FTSE 250-listed oilfield services provider said it intends to cut its scope 1 and 2 greenhouse gas emissions by 40% by 2030 using 2019 figures as its baseline.
Scope 1 includes emissions from owned or controlled sources while scope 2 covers indirect emissions such as from the generation of electricity purchased by the company. Scope 3 emissions, which John Wood has not included in this target, includes all of the other indirect emissions from a company's value chain.
John Wood said the 40% target put it "on a trajectory well beyond the 2-degree Celsius temperature goal identified by the Paris Agreement".
The company is to "focus on global efficiencies including minimum standards to reduce carbon intensity from its sites, equipment and vehicle use". John Wood will also work to increase its use of renewable energy sources as well as sustainable procurement policies.
Chief Executive Robin Watson said: ""As a member of the United Nations Global Compact and a long-standing contributor to CDP Climate Change, we believe in the importance of setting science-based carbon reduction targets. Working with our partners, our people and our communities we will build a lower carbon world that enables sustainable growth for future generations.
"As well as setting targets for Wood, we see a key role for our business in the global energy transition journey, applying our technical expertise and trusted experience to support the decarbonisation commitments of companies and governments in a range of industries."
Shares in John Wood were up 4.1% at 231.40 pence in London in morning trading.
By Anna Farley; [email protected]
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