Net Zero Company Benchmark Update

Interim Benchmark assessments have been published for all focus companies. 

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Phillips 66 increases ambition of GHG emissions reduction targets

4th October 2021

Phillips 66 becomes first US refiner and second US oil company to set scope 3 targets

Phillips 66 has announced its plans to reduce greenhouse gas emissions intensity from its operations and energy products by 2030. It aims to reduce Scope 1 and 2 emissions intensity from operations by 30% and Scope 3 emissions intensity of its energy products by 15%, below 2019 levels. Phillips 66 is the first US refiner and only the second US oil company to set emissions reduction targets that include Scope 3.

The commitment from Phillips 66 follows a Follow This resolution filed in 2021 that called for the company to set emissions reduction targets for all emissions (Scope 1, 2, and 3). This vote was supported by 80.28% of shareholders.

 

About Climate Action 100+

Climate Action 100+ is the world’s largest investor engagement initiative on climate change. It involves more than 615 investors, responsible for over $55 trillion in assets under management. Investors are focused on ensuring 167 of the biggest corporate greenhouse gas (GHG) emitters take the necessary actions to align their business strategies with the goals of the Paris Agreement. This includes improving corporate governance, reducing GHG emissions, and strengthening climate-related financial disclosures.

The 167 companies include the initial 100 ‘systemically important emitters’, identified with the highest combined direct and indirect GHG emissions, and additional companies selected by investors as critical to accelerating the net zero transition.

Launched in 2017, Climate Action 100+ is coordinated by five investor networks: Asia Investor Group on Climate Change (AIGCC); Ceres (Ceres); Investor Group on Climate Change (IGCC); Institutional Investors Group on Climate Change (IIGCC) and Principles for Responsible Investment (PRI). These organisations, along with five investor representatives from AustralianSuper, California Public Employees’ Retirement System (CalPERS), Gam Investments, Ircantec, and Sumitomo Mitsui Trust Asset Management form the global Steering Committee for the initiative. Follow us on Twitter: @ActOnClimate100.