(Reuters) -U.S Refiner Phillips 66 (NYSE:PSX) said on Thursday it would cut greenhouse gas emissions by 30% from its operations by 2030, amid mounting pressure on the industry to join the fight against climate change and cut carbon emissions by mid-century.
Since the 2015 Paris climate accord set a goal to keep global warming to well below 2 degrees Celsius (3.6 F), there has been pressure on refiners to announce ambitious targets and operate more cleanly.
"We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies," Chief Executive Greg Garland said in a statement.
The refiner expects to achieve the target through investments in lower-carbon business platforms including renewable fuels, lithium-ion batteries, carbon capture and hydrogen.
It plans to reduce so called Scope 3 emissions intensity of its energy products by 15% from 2019 levels. Scope 3 emissions take into account greenhouse gas emissions from products the company sells, such as jet fuel and gasoline.
Phillips 66 currently is in the process of converting its Rodeo, California refinery, using cooking oil and food wastes, into what would be the largest renewable diesel facility in the world. (https://reut.rs/2Y4F6HA)