GHG emissions from our operations and the products we sell contribute to high emissions and significant energy consumption, challenges inherent in our current business model. To address this, OMV has set absolute GHG emission reduction targets for Scope 1 and 2 (combined), as well as Scope 3, and aims to reduce the carbon intensity of its energy supply. Additionally, we have set a target to lower our methane intensity and achieve zero routine flaring and venting by 2030.
To ensure consistency and comparability in tracking our progress toward these GHG reduction targets, we perform a baseline recalculation whenever significant changes in GHG emissions occur due to mergers, acquisitions, or divestments. This recalculation also applies to the assessment of GHG target achievement, including LTIP and EB annual bonus target achievement. A significant change means that the cumulative effect of mergers, acquisitions, or divestments in the reporting year represents a higher effect than 5% on baseline year absolute Scope 1–3 emissions that are in the scope of the GHG targets. This includes Scope 1 and 2 GHG emissions (market-based), OMV Energy and F&F Scope 3 indirect GHG emissions from Category 11 (3.11): Use of sold products to third parties on an equity production basis, OMV Chemicals Scope 3 indirect GHG emissions from Category 1 “Purchased goods and services” (3.1) on a 100% operator/majority-owned basis, and Chemicals (Borealis) Scope 3 indirect GHG emissions from Category 12 “End of life treatment of sold products” to third parties on an equity production basis (3.12).
All our GHG targets were approximated to the IEA’s Sustainable Development Scenario (SDS) in 2021 but are more ambitious by aiming to achieve net zero by 2050. This and the base year recalculation approach also apply to our targets on Scope 3 GHG emissions and the carbon intensity of energy supply.
There is no science-based guidance for the oil and gas industry available for setting climate targets or for evaluating the alignment of climate targets with conclusive scientific evidence. However, when setting climate targets and evaluating the compatibility of OMV’s climate targets with a 1.5°C world, OMV explored several scenarios and approaches that consider or are based on scientific evidence, such as the suite of scenarios developed by the Intergovernmental Panel on Climate Change (IPCC), particularly its C1 scenarios, which limit global warming to 1.5°C with no or limited overshoot (>50% probability). This applies to all our targets.
All the climate targets were initially proposed by Group Sustainability to the Executive Board (EB) and Supervisory Board (SB). They were subsequently discussed and agreed upon with internal stakeholders, including Group Strategy and relevant business functions, during internal strategy alignment meetings. Finally, the targets were approved by the Executive Board (EB).
Absolute target: Scopes 1 & 2
In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving operational and energy efficiency, and to switching to cleaner energy in our operations and sourcing renewable energy in accordance with the OMV Strategy 2030. OMV will therefore work toward decarbonizing our operations to become a net-zero business by 2050. This target is connected to our strategic and mid-term planning, and its achievement is incentivized through the EB’s bonus.
2030
At least 30% absolute Scope 1 and 2 GHG emission reduction
2040
At least 60% absolute Scope 1 and 2 GHG emission reduction
2050
Net-zero Scope 1 and 2 GHG emissions
Absolute Target
Value chain activities
Own operations and upstream value chain (electricity generation)
In scope
100% Scope 1 and 2 GHG emissions (market-based) from fully owned assets and assets where the Group’s interest is less than 100% but more than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Scope 1 and 2 GHG emissions of assets not operated/not majority owned by OMV
Geographical coverage
Group-wide
Base year
2019
Baseline value in mn t CO2e
13.9
Scope 1 and 2 GHG emission reductions by 2030 and 2040 include own measures and CCU/S; GHG removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as means of achieving the 2030 and 2040 GHG emission reduction targets. For the net zero Scope 1 and 2 emissions by 2050 target, residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage in own operations and the upstream value chain (electricity generation), and carbon credits. In 2024, we revised our methodology for achieving the GHG emission reduction targets for 2030 and 2040 to align with ESRS guidelines by using CCU/S, while GHG removals, avoided emissions, and carbon credits are excluded. Base year data 2019 was restated due to a change in the calculation methodology 3.1 Purchased goods and services from feedstock emissions. No recalculation of the base year due to mergers, acquisitions, or divestments was necessary.
Status 2024:
Absolute Scope 1 and 2 emissions reduced by 23% vs. 2019 (2023: –26%)
For OMV’s GHG emission targets, the same boundaries as those used for the GHG inventory are applied, ensuring consistency between target setting and reporting. The target covers 100% of Scope 1 and 2 emissions from OMV’s GHG inventory and thus includes the same greenhouse gases: CO2, CH4, and N2O. In 2024, the share of Scope 1 emissions in the combined Scope 1 and 2 emissions (market-based) was 91%, while Scope 2 emissions accounted for 9%. In relation to the total Scope 1–3 GHG emissions (market-based), the share of Scope 1 emissions was 7% and the share of Scope 2 emissions was 1%. This voluntary target is monitored and reviewed annually.
Absolute target: Scope 3
In OMV’s Code of Conduct, we are committed to reducing Scope 3 emissions from our product portfolio and other emissions along the value chain. We are committed to increasing production and sales of low-/zero-carbon energy by scaling up the deployment of mature renewable energy technologies and developing new solutions in the fields of low- and zero-carbon technologies for energy supply, mobility, and industry. OMV’s strategic objective is to decarbonize its product portfolio to become a net-zero business by 2050. This target is aligned with the OMV Strategy 2030 and fully linked to OMV’s strategic and mid-term-planning.
2030
At least 20% absolute Scope 3 GHG reduction
2040
At least 50% absolute Scope 3 GHG reduction
2050
Net-zero GHG Scope 3 emissions
Absolute Target
Value chain activities
Own operations, upstream value chain (feedstock) and downstream value chain (product use & end-of-life)
In scope
Energy and F&F Scope 3 indirect GHG emissions from Category 11 (3.11) “Use of sold products” to third parties on an equity production basis; Chemicals Scope 3 indirect GHG emissions from Category 1 “Purchased goods and services” (3.1) on a 100% operator/majority owned basis, Chemicals (Borealis) Scope 3 indirect GHG emissions from Category 12 “End of life treatment of sold products” to third parties on an equity production basis (3.12)
Out of scope
Intracompany sales and purely financial traded volumes, intracompany supply, intracompany sales and purely financial traded volumes; other Scope 3 indirect GHG emissions
Geographical coverage
Group-wide
Base year
2019
Baseline value in mn t CO2e
114.9
Scope 3 GHG emission reductions by 2030 and 2040 will include our own measures as well as CCU/S in the value chain and any additional established CCS capacity. GHG removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as means of achieving the 2030 and 2040 GHG emission reduction targets. For the net zero Scope 3 emissions by 2050 target, residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage in the upstream and downstream value chain, any additional established CCS capacity, and carbon credits.
Scope 3 GHG emission reductions by 2030 and 2040 will include our own measures as well as CCU/S in the value chain and any additional established CCS capacity. GHG removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as means of achieving the 2030 and 2040 GHG emission reduction targets. For the net zero Scope 3 emissions by 2050 target, residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage in the upstream and downstream value chain, any additional established CCS capacity, and carbon credits. In 2024, we revised our methodology for achieving the GHG emission reduction targets for 2030 and 2040 to align with ESRS guidelines by using CCU/S, while GHG removals, avoided emissions, and carbon credits are excluded. Base year data 2019 was restated due to a change in the calculation methodology 3.1 Purchased goods and services from feedstock emissions. No recalculation of the base year due to mergers, acquisitions, or divestments was necessary.
Status 2024:
Absolute Scope 3 emissions were reduced by 17% vs. 2019 (2023: –10%)
For OMV’s GHG emission targets, the same boundaries as those used for the GHG inventory are applied, ensuring consistency between target setting and reporting. In 2024, the share of the Scope 3 emissions covered by the target for the total Scope 3 emissions of OMV’s GHG inventory was 65%. In relation to the total Scope 1–3 GHG emissions (market-based), the share of Scope 3 emissions was 61%. This voluntary target is monitored and reviewed annually.
Carbon intensity of energy supply (Scopes 1–3) Target
In OMV’s Code of Conduct, we are committed to decarbonizing our operations and product portfolio to become a net-zero business by 2050. This commitment includes not just our own operations (Scopes 1 and 2) but also our product portfolio and other emissions along the value chain (Scope 3). The target is aligned with the OMV Strategy 2030 and fully linked to OMV’s strategic and mid-term-planning. Target achievement is incentivized through LTIP and the EB annual bonus.
2030
15-20% carbon intensity of energy supply reduction
2040
At least 50% carbon intensity of energy supply reduction
2050
Net-zero carbon intensity of energy supply
Relative Target
Value chain activities
Own operations, upstream value chain (electricity generation), and downstream value chain (product use)
In scope
Scope 1 direct GHG emissions from 100% operator/majority-owned assets from Energy and F&F; Scope 2 indirect GHG emissions (market-based) from third-party energy purchases (such as electricity, heat, steam) from 100% operator/majority-owned assets from Energy and F&F; Scope 3 indirect GHG emissions from Category 11 “Use of sold products” to third parties on an equity production basis
Out of scope
Scope 1 direct GHG emissions of Chemicals, Petchem-related Scope 1 direct GHG emissions in Refining, Energy, and F&F assets not operated/not majority owned by OMV; Scope 2 indirect GHG emissions (market-based) from third-party energy purchases (such as electricity, heat, steam) of Chemicals, petrochemicals-related Scope 1 direct GHG emissions in Refining, Energy, and F&F assets not operated/majority owned by OMV; Scope 3 indirect GHG emissions from Category 11 “Use of sold products”: intracompany sales and purely financial traded volumes, and other Scope 3 indirect GHG emissions.
Geographical coverage
Group-wide
Base year
2019
Baseline value in g CO2e/MJ
70.0
Carbon intensity of energy supply emission reductions by 2030 and 2040 will include our own measures as well as CCU/S (in our own operations and in the value chain, and any additional established CCS capacity). GHG removals (according to ESRS definitions), avoided emissions, and carbon credits are excluded as a means of achieving the 2030 and 2040 GHG emission reduction targets. For the net zero carbon intensity of energy supply by 2050 target, residual GHG emissions (after GHG emissions are reduced by approximately 90–95%) are intended to be neutralized by methods such as GHG removals and storage in our own operations, in the upstream and downstream value chain, any additional established CCS capacity, and carbon credits.
As OMV’s portfolio has evolved, some of our project timelines have shifted and the Group has revised its target for the carbon intensity of energy supply from 20% to 15–20% by 2030. For 2040, OMV continues to target a 50% decrease in its carbon intensity of energy supply. In 2024, we revised our methodology for achieving the GHG emission reduction targets for 2030 and 2040 to align with ESRS guidelines by using CCU/S, while GHG removals, avoided emissions, and carbon credits are excluded. Base year data 2019 was restated due to a change in the calculation methodology 3.1 Purchased goods and services from feedstock emissions. No recalculation of the base year due to mergers, acquisitions, or divestments was necessary.
Status 2024:
Carbon intensity of energy supply reduced by 1% vs. 2019 (2023: –1%)
This voluntary target is monitored and reviewed annually.
Zero routine flaring and venting target
In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving operational and energy efficiency as outlined in the Strategy 2030. In our Environmental Management Standard, we have embedded the requirement to phase out routine flaring and venting by 2030. The target supports OMV’s strategic objective to decarbonize its operations and to become a net-zero business by 2050.
2030
Zero routine flaring and venting
2050
Net-zero Scope 1 GHG emissions
Absolute Target
Value chain activities
Own operations
In scope
100% routine flaring and routine venting emissions from fully owned assets and assets where the Group’s interest is less than 100% but more than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture
Out of scope
Energy-operated power plants, F&F, and Chemicals; routine flaring and routine venting of assets not operated/not majority owned by OMV
Geographical coverage
OMV Energy
Base year
2019
Baseline value in mn Sm3
514
OMV defines routine flaring in accordance with the Global Flaring and Methane Reduction Partnership (GFMR) and the World Bank’s Zero Routine Flaring by 2030 Initiative. Routine flaring and venting amounts are reported at the E&P country/asset level, including gas storage, and are aggregated at OMV Energy level. In 2024, no changes were made to this target.
Status 2024:
Volume of gas routinely flared and vented decreased from 53 mn Sm3 in 2023 to 37 mn Sm3 in 2024
This voluntary target is monitored and reviewed annually.
Methane intensity target
In OMV’s Code of Conduct, we are committed to reducing operational emissions, including by improving operational and energy efficiency. In our Environmental Management Standard, we have embedded the requirement to phase out routine flaring and venting by 2030. The target supports OMV’s strategic objective to decarbonize its operations and to become a net-zero business by 2050.
2030
Achieve less than 0.2% methane intensity
2030
Achieve less than 0.1% methane intensity
2050
Net-zero Scope 1 GHG emissions
Value chain activities
Own operations
In scope
Energy E&P activities comprising all operations from exploration to production, gas processing and gas storage (up to the first point of sale PoS), including LNG liquefaction plants if located before the first point of sale. The POS is defined as the place/device of transfer of ownership of the product to the downstream player, which may be a third party or a downstream business unit within OMV. It can be described broadly as “from wellhead to point of sale”. 100% methane emissions (as part of Scope 1 direct GHG emissions) and total (gross) marketed gas (sales) from fully owned assets and assets where the Group’s interest is less than 100% but more than 50%, and where the Group’s interest is 50% or less if OMV is the operator of a joint venture. All methane emissions from operated upstream assets marketing oil and/or gas are included, including operated gas storage. Methane emissions from fugitives, venting and incomplete combustion, for example in flares and turbines, are all included. Following this approach, emissions linked to force majeure events or sabotage are also included.
Out of scope
Methane emissions and marketed gas of assets not operated/not majority owned by OMV. Exploration drilling activities are considered outside of the boundary for inclusion (as this activity can be seen as separate from the value chain for marketed gas and oil), while production drilling and completions are considered within the boundary for inclusion. Energy operated power plants, F&F and Chemicals.
Geographical coverage
OMV Energy
Base year
2019
Baseline value in % (Sm3/Sm3)
1.3
The methane intensity reduction target arises from the need to reduce methane emissions in the oil and gas sector, in accordance with EU requirements (EU methane regulations) and IEA expectations for the industry. The method for calculating methane intensity is aligned with the Oil and Gas Climate Initiative’s (OGCI) approach, defined as: Methane intensity [%] = Methane emissions [Sm3] / Marketed gas (sales) [Sm3]. The GHG targets were initially proposed by Group Sustainability to the EB and SB and were then discussed and agreed upon with internal stakeholders, including Group Strategy, and relevant business functions during the internal strategy alignment meetings. The targets were then approved by the Executive Board (EB). In 2024, no changes were made to this target.
Status 2024:
0.2% methane intensity (2023: 0.3%)
This voluntary target is monitored and reviewed annually.
Additional performance parameters that contribute to managing OMV’s decarbonization include:
- Reducing carbon intensity of operations (Scope 1) (status 2024: 79% vs. 100% in 2010)
- Achieving significant CO2 reductions from operated assets between 2020 and 2025 (Scope 1) through concrete reduction initiatives and divestment (status 2024: 0.8 mn t CO2e)
- reducing the carbon intensity of the product portfolio (Scope 3) (status 2024: 2.6 mn t GHG per mn t oil equivalent)
OMV uses 2019 as its base year for all three scopes of emissions and for our 2030, 2040, and 2050 targets because 2019 was the last full year before the COVID-19 pandemic and the majority of OMV’s assets were operating for the whole of 2019. The reporting boundaries, covered activities, and methodologies for metrics and targets remain consistent over time. If there are changes in methodologies, their significance is assessed, and baseline data is adjusted whenever possible.
In 2024, no base year recalculation was triggered. For further details on expected decarbonization levers and their overall quantitative contributions to achieving the GHG emission reduction targets, refer to the transition plan.
Borealis does not yet have a target for climate change adaptation because they initiated a program to address this in 2024. It included a high-level assessment of all Borealis assets to identify locations with significant climate-related risks. A more detailed desk analysis will be completed in 2025, providing an overview of the locations with significant physical risks due to climate change for Borealis assets.