Marathon Petroleum Corp. Establishes 2030 Target to Reduce Absolute Scope 3 Greenhouse Gas Emissions
Marathon Petroleum Corp. (NYSE: MPC) has established a 2030 target to reduce absolute Scope 3 – Category 11 greenhouse gas (GHG) emissions by 15% below 2019 levels.
The new Scope 3 target further enhances MPC’s GHG disclosures, which include reporting aligned with the Task Force on Climate-related Financial Disclosures (since 2017), Scope 1 and 2 GHG emissions intensity target (since 2020), methane emissions intensity target (since 2020), third-party verification of Scope 1 and 2 GHG emissions (since 2020), CDP long-form disclosure (since 2021), Scope 3 disclosure (since 2021), and third-party verification of Scope 3 emissions (since 2021).
“Our Scope 3 reduction target is part of our commitment to continuously improve our environmental performance while meeting society’s energy needs sustainably,” said MPC President and Chief Executive Officer Michael J. Hennigan. “As the energy industry evolves, we are positioning ourselves to continue delivering positive results in an energy-diverse future.”
MPC’s Scope 3 target covers “Category 11: Use of Sold Products,” for products manufactured at the company’s refineries. Informed by guidance from the Science Based Target Initiative (SBTi) and IPIECA, the calculation of Scope 3, Category 11 emissions is based on refinery yields because MPC’s refinery yields are larger than marketed volumes.
Additionally, today MPLX LP (NYSE: MPLX) established a new 2030 target to reduce methane emissions intensity from its natural gas gathering and processing operations by 75% below 2016 levels. This expands the existing 2025 target to reduce methane emissions intensity 50% below 2016 levels.
More information on MPC’s targets and actions to reduce climate-related risks is available on its website at www.marathonpetroleum.com/Sustainability/.
Leave a Comment