Vår Energi acknowledges and is committed to the Paris Agreement and the UN SDG #13 Climate Action. In addition, through our target of 50% reduction in GHG emissions from our operated assets, we will significantly contribute to reaching the 2030 NCS joint industry target of 40% reduction in GHG emissions1.
1 Industry of Tomorrow on the Norwegian Continental Shelf. Climate Strategy towards 2030 and 2050. KonKraft report 2020-1
The main direct sources of emissions from our operated assets (Scope 1) are from energy production offshore. Furthermore, although regular flaring of produced gas on the Norwegian Continental Shelf is prohibited, some emissions are still caused by legal flaring for safety reasons. Indirect emissions are caused by the generation of purchased electricity (Scope 2) and from our supply chain and use of our products (Scope 3).
Our targets for reducing our GHG emissions:
- 50% reduction in Scope 1 GHG emissions from operated assets in 2030*
- 40% reduction in equity share Scope 1 GHG emissions from partner operated assets in 2030*
- Net zero Scope 1 GHG emissions from operated and partner operated (equity share) assets in 2030
- Net zero Scope 2 GHG emissions from operated assets in 2025 (office buildings in 2021, offshore electrified assets in 2025)
- Net zero equity share Scope 2 GHG emissions from partner operated assets in 2030
- Net zero Scope 3 GHG emissions from business travels and employee commuting from 2021, and upstream transportation and distribution**
- All new greenfield developments shall be electrified with power from shore or from renewable offshore power production
- All new acquisitions of assets (VE operator) shall be, or within 2030 be, electrified with power from shore or from renewable offshore power production (e.g. offshore wind)
1 Baseline year is 2005
2 ERR and PS vessels, oil tankers
Reducing GHG emissions
There are several pathways to reducing GHG emissions from our operations. In Vår Energi, we will take the following measures to reduce the amount of GHG we emit to the atmosphere:
- Electrification of our assets with power from shore or from other renewable power sources, such as offshore wind
- Increasing our operational efficiency through optimizing and active energy management
- Portfolio management
- Reduced cold venting and fugitive emissions from our assets through operational measures
- Use of bio-CCS (e.g., tree planting) as an offsetting/compensating measure to achieve net zero emissions
From our partner operated assets the GHG emissions will mainly be reduced by electrification of assets with power from shore or from other renewable power sources.
In addition, we will continue our efforts to develop low emission technologies and carbon capture and storage (CCS) technologies through our R&D activities in the next decades, reducing GHG emissions in the long-term.