Greenhouse gas (GHG) emission is a worldwide concern and emissions with fossil fuel are increasingly questioned. As Schlumberger, we have committed ourselves in Paris agreement for setting science-based targets to reduce our greenhouse gas (GHG) emissions on all the 3 scopes of carbon emissions. This is also a part of Schlumberger's vision towards Net Zero emissions which will help in the transition to a sustainable future.
Our CEO Olivier Le Peuch said, "Schlumberger seeks to lead positive, measurable changes in GHG emissions within the industry to help reduce climate change". Energy industry has a key role to play in reducing the effects of climate change. Schlumberger takes pride in technology leadership paired with social and environmental responsibility. Today along with Schlumberger, world's iconic companies like Microsoft, Shell and BP have also committed for Carbon reduction, Carbon negative and Net Zero. Schlumberger is proud to say that it is the first Company in Upstream Exploration & Production Services to set an Ambition to achieve Net zero by the year 2050. In June 2021, we announced that this reduction will be achieved by reducing 30% on Scope 1 and 2 by 2025, 50% on Scope 1 and 2; 30% in Scope 3 by 2030 and Net Zero by 2050. The reduction of carbon emissions starts with the quantification of carbon emissions and this project is in line with the company's commitment to Net Zero. The project focuses on Scope 3 Emissions which has never been done in a systematic way in the past.
Middle East Center of Reliability and Efficiency (MCRE) in Dammam is one of the pioneers to kick start this quantification of GHG emissions to show that we can make a significant impact towards setting this target. For this to happen, we quantified emissions for specific Technologies related to Scope 3 to benchmark our baselines so that we can put a plan to reduce them. This project established Carbon footprint as an Assessment tool to Simulate Emissions. The tool will provide a competitive advantage in terms of Sustainable Development for Schlumberger and other Oil & Gas industries worldwide.