Oilfield services firm Schlumberger has announced that it plans to commit to greenhouse gas (GHG) emissions reduction programme to meet science-based targets initiative (SBTi) in line with the Paris Agreement to reduce climate change.

Developed in 2016 by the United Nations Framework Convention on Climate Change (UNFCCC) Paris Agreement aims to reduce GHG emissions. It is focused on limiting global warming to below 2°C above pre-industrial levels.

Schlumberger will define its GHG emissions reduction target by 2021.

This commitment from the company is part of its focus on environmental sustainability under its Global Stewardship programme.

Schlumberger CEO Olivier Le Peuch said: “The energy industry has a key role to play in reducing the effects of climate change. Schlumberger seeks to lead positive, measurable changes in GHG emissions within the industry to help reduce climate change.

“The application of our industry-leading environmentally responsible technologies will help drive process efficiency and environmental footprint reduction.”

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According to the company, the SBTi mobilises companies to set science-based targets and enhance their competitive advantage in the transition to the low-carbon economy.

It emerged as a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature and one of the We Mean Business Coalition commitments.

In March, BP set up a $100m Upstream Carbon Fund for projects that will reduce greenhouse gas (GHG) emissions in its upstream oil and gas operations. This new Upstream Carbon Fund will be made available over the next three years for BP’s operations.