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Decarbonization Strategy

2030 strategic priorities

  • Reduce OMV Group Scope 1 and 2 emissions by 30%
  • Reduce OMV Group Scope 3 emissions by 20%
  • Reduce OMV Group carbon intensity of energy supply by 20%

All reduction targets are measured against a 2019 baseline.

OMV is committed to achieving net-zero emissions (Scopes 1, 2, and 3) by 2050, with interim targets for 2030 and 2040. OMV targets are set at an absolute and intensity level with the ultimate goal of achieving net-zero emissions in Scopes 1, 2, and 3 by 2050. For Scopes 1 and 2, OMV is aiming for an absolute reduction of 30% by 2030 and of 60% by 2040. For the defined categories in Scope 3, OMV is aiming for an absolute reduction of 20% by 2030 and of 50% by 2040. In terms of reducing the carbon intensity of energy supply, OMV intends to achieve a decrease of 20% by 2030 and 50% by 2040.

OMV has also voluntarily committed to applying the Oil and Gas Climate Initiative (OGCI) framework. As a result, OMV committed to:

  • methane emissions accounting shall be in line with the OGCI framework as a minimum
  • Operated E&P assets must have a source-level measurement of methane emissions (OGCI level 4) in three years’ time at the latest
  • Reduce methane intensity to 0.2% by 2025 and to 0.1% by 2030.

OMV awaits the publication of the science-based targets (SBT) methodology for the oil & gas sector toward the end of 2024 to evaluate its targets against the SBT requirements and aims to get them approved by the Science Based Target initiative (SBTi).

These emissions reductions can only be achieved with considerable effort and appropriate capital allocated: the Group has earmarked organic investments of more than EUR 13 bn for this purpose in 2022–2030, which represents around 40% of planned total organic . All business units will build on their existing strengths and know-how on this transformation journey. Three key initiatives will be undertaken to achieve the targeted reductions by 2030:

  • Increase in Chemicals & Materials recycling and sustainable feedstocks, and delivery of approximately 2 mn p.a. of circular products: recyclate production substituting fossil chemicals and materials production and production from biogenic feedstock
  • Increase in zero-carbon energy sales: significant increase in sustainable and biobased fuels, green gas sales, and build-up of photovoltaic electricity capacity primarily for captive use as well as geothermal energy
  • Decrease in fossil fuel sales: significant decrease in fossil fuels and a less steep decline in natural gas sales

Besides these efforts, neutralization measures will be necessary. OMV anticipates that it will use around 5 mn t of CCS capacity across all business units. All energy purchases in the C&M business segment are planned to be 100% renewable by 2030. The inorganic growth of the Chemicals & Materials business will be executed in line with OMV decarbonization targets with decarbonization pathways either in place or to be implemented following a possible acquisition.

Exploration & Production, part of Energy business segment
Capital Expenditure
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