Sustainably defining and driving high performance

Published on: 18 November 2021
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Schlumberger's approach to climate change and energy transition is outlined in the most recent Sustainability Report, which includes decarbonizing the oil and gas value chain and investing in low-carbon energy.

Schlumberger is dedicated to being at the forefront of the industry's shift toward more sustainable energy production, delivering both measurable social and environmental progress. This translates into taking measurable steps to accelerate innovation in the energy transition and achieving these goals in a way that contributes to both global and local energy access and economic development.

"As we continue to develop solutions to address climate change, we have chosen to play a key role in assisting the world in meeting future energy demand,"

says CEO Olivier Le Peuch.

"With our technological innovation strength and our people's determination and optimism, we create amazing technology that unlocks access to energy for the benefit of all."

The report contains comprehensive information on environmental, social, and governance (ESG) performance and achievements. Among the highlights are:

Setting a net-zero greenhouse gas emission target for 2050 that includes the entire value chain.

Schlumberger committed to reaching Net Zero by 2050 in June 2021, aligning with the Paris Agreement ambition of limiting global warming to 1.5 degrees Celsius. A comprehensive near-term road map with interim milestones in 2025 and 2030 backs up the 2050 target. The ambitions are founded on climate science, with the 2030 target receiving formal external validation through the Science Based Targets Initiative. Scope 1 and 2 emissions have already been reduced by 19% relative to the 2019 baseline.

"Schlumberger has taken a comprehensive assessment of emissions across all three Scopes, from operations all the way through the value chain, to set science aligned, absolute emission reduction targets based on the most robust available methodologies,"

William Theisen, Head of Net Zero - Decarbonization, Atos North America, says.

"These goals will drive strategy, demonstrating how Schlumberger accepts responsibility for its own emissions while also influencing partners and enabling customers to reduce their own environmental impacts."

Launching the Transition Technology portfolio, which will help reduce emissions from oil and gas operators.

The largest category of Scope 3 emissions, technology use emissions, account for 75% of Schlumberger's total CO2 footprint. Schlumberger launched the Transition Technologies portfolio, which will be a key enabler of customer decarbonization efforts, at the same time as the net-zero announcement. The portfolio addresses a variety of sustainability attributes that support the UN Sustainable Development Goals (SDGs) where technology can make a difference, with a strong emphasis on emissions reduction.

Investing in the Energy Transition 2020 resulted in the announcement of the Schlumberger New Energy portfolio, which will explore new businesses in low-carbon or carbon-neutral energy technologies, providing significant long-term growth opportunities. Today, New Energy activities include lithium, hydrogen, carbon capture, geoenergy, and geothermal ventures.

The best ever health and safety performance Schlumberger demonstrated global efforts focused on putting people and safety at the center of everything they do in 2020 and 2021, with the COVID-19 pandemic at the forefront of decisions made in 2020 and 2021—a representation of sustainability in action.

Sustainably defining and driving high performance A continued emphasis on inclusion, diversity, and belonging The first element of corporate strategy is "People First," which reinforces the commitment to creating a culture of belonging. Schlumberger has stated for decades that it wants to keep its workforce nationality mix aligned with its geographical revenue mix. The organization is also on track to meet its interim goal of having 25% of its salaried workforce be women by 2025. To ensure continuous progress, the next milestone of 30% by 2030 has already been set. In 2020, women will make up 45% of STEM hires.

Schlumberger's near-to-medium-term sustainability focus includes three components that are fully aligned with the UN SDGs:

SDGs 7 and 13: Defining and Driving High Performance, Sustainably Taking Climate Action

"I am convinced that we must all work together to achieve a net-zero future in order to avoid the worst effects of climate change,"

says Chief Strategy & Sustainability Officer Katharina Beumelburg.

"Because the oil and gas industry plays such an important role in the transition, creating a more efficient and sustainable industry is a business imperative for the next decade."

"Taking Climate Action" reaffirms Schlumberger's commitment to achieving net zero carbon emissions by decarbonizing the oil and gas value chain and investing in low-carbon energy.

SDGs 8 and 10: Creating Opportunities

Schlumberger will leverage local capabilities as part of the fit-for-basin strategy to develop customized applications of technologies to meet customer needs that are country and region specific, as well as attracting, developing, motivating, and retaining a highly competent and diverse workforce.

Empowering Local Teams

One size does not fit all when it comes to sustainable development and addressing the climate challenge. By “Empowering Local Teams” Schlumberger teams can focus on the environmental and social priorities that are most impactful to local stakeholders.

Source: slb.com

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