Set ambitious ESG goals, considering value chain
Climate related pledges and goals are becoming increasingly common with ambitious but achievable targets being established, including those arising out of COP26, the 26th iteration of the Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC), which brought together the 197 members of the convention to take concerted action on climate change. Several E&C companies have identified 2030 as an appropriate year by which to achieve environmental targets. Examples of environmental goals set for 2030 include reducing on-site greenhouse gas and water consumption by 50%, achieving science-based net zero emissions, and delivering a 50% reduction in scope 1 and 2 emissions and waste generation. Companies are also considering their wider supply chain with select annual reports now highlighting reductions in scope 1, 2 and supply chain emissions. With the current situation, Europe has set new goals for oil and gas import from 2027.
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