Santos revises emissions target for 2030

Australian gas producer Santos has revised its 2030 greenhouse gas (GHG) emission target, the company said on March 30 in its 2022 climate report.

The company is now targeting a 30% reduction in absolute emissions, up from its previous target of 26-28%. The previous GHG reduction target was made before the Santos-Oil Search merger. Meanwhile, Santos is targeting a 40% reduction in emissions intensity. It also set a Scope 3 target to reduce customer emissions by 1.5mn metric tons CO2e/year under its plan to become a net-zero emissions energy and fuels business by 2040.

CEO Kevin Gallagher said the company is well-positioned to decarbonise its natural gas business and generate new revenue streams through carbon solutions such as carbon capture and storage (CCS) utilising existing infrastructure and depleted natural gas reservoirs.

Santos and joint venture partner Beach Energy in November announced a final investment decision to proceed with the A$220mn ($165mn) Moomba CCS project in South Australia, with startup expected in 2024.

“A just transition that focuses on reliability, affordability and decarbonisation is critical to ensuring broad global support for the huge task ahead of us as we reach our net-zero targets,” Gallagher said.