Corporate

Russian oil giant Rosneft has announced a target of achieving net-zero greenhouse gas emissions from its own operations by 2050. The goal is part of the company's strategy for the period through 2030, which combines growth of its oil and gas production with reductions in its carbon emissions. The company's net-zero target is limited to the Scope 1 and Scope 2 greenhouse gas emissions from its own operations. It is less ambitious than the 2050 net-zero targets adopted by BP and Royal Dutch Shell, which include Scope 3 emissions caused by combustion of oil and gas. US oil and gas majors Exxon Mobil and Chevron, like Rosneft, have also hesitated to make commitments to rein in their Scope 3 emissions. Rosneft plans to achieve the reduction by using low-carbon power, ending the routine flaring of natural gas, deploying energy-saving technologies, capturing and storing carbon dioxide and using forests as natural carbon offsets. BP — which holds a 19.75% strategic stake in Rosneft — is understood to have played an important role in pressing the Russian company to reduce its emissions. The company's announcement also comes less than two months after Russia unveiled a national low-carbon development strategy that targets net-zero emissions no later than 2060.