The world's energy challenges are multi-dimensional. Meeting growing demand, while also protecting the environment, will require an integrated series of solutions. Expanding all commercially viable energy sources, developing and deploying technology to help mitigate the growth of emissions, and accelerating gains in energy efficiency are all essential elements.

Energy efficiency is one of the largest and lowest-cost ways to extend our world's energy supplies and reduce GHG emissions. Between 1980 and 2005, nearly half the increase in global demand was met by improvements in energy efficiency. Further gains in energy efficiency through 2030 will curb demand growth by about 65 percent.

Improving energy efficiency is more than just good business. It is a triple-winner that benefits companies, consumers, and the environment alike. More efficient operations extend the supply and affordability of conventional energy resources, while reducing plant operating costs and GHG emissions. Unlike other options, which may require billions of dollars and many years to develop, improving energy efficiency is making a significant difference today.

Since 2005, we have invested 1.3 billion dollars in activities that improve energy efficiency and reduce GHG emissions. In 2009, our direct-equity GHG emissions were 128 million tonnes. This is a reduction of 16 million tonnes - or 11 percent - from 2006, equivalent to removing about 3 million cars from U.S. roads.

Through deployment of our proprietary Global Energy Management System (GEMS), we have identified opportunities to improve the energy efficiency of our refineries and chemical plants by 15-20 percent. A strong focus on operation and maintenance of existing equipment, coupled with energy efficient design of new facilities, enabled us to achieve best-ever energy efficiency in 2010. We are on track to achieve our goal of improving energy efficiency across our worldwide refining and chemical operations by at least 10 percent between 2002 and 2012.

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