Carbon Efficiency

Carbon Efficiency

We recognize climate change as one of the most important global challenges today and acknowledge the goals set forth by the Paris Climate Change Agreement. OMV is fully committed to climate change mitigation and responsible resource management and we aim to find the right industrial-scale solutions for a lower-carbon world. The Carbon Efficiency focus area also covers our contribution to the energy transition. We are a supporter of the Task Force on Climate-related Financial Disclosures (TCFD). We set targets to manage and reduce the carbon footprint of our operations and product portfolio. Reducing greenhouse gases will decrease our environmental impact and have a positive financial impact by ensuring compliance with climate-related regulatory requirements and ensuring the efficient use of resources.

Key Figures

A–

(Leadership) score in CDP Climate Change

−9%

Carbon intensity of operations vs. 2018

57%

share of natural gas in production mix

Summary of OMV response to combat climate change

For decades, OMV has pledged to do business economically, ecologically and socially sustainably. We will continue to uphold this commitment as it is the only way to protect and preserve security and prosperity in the long term. More and more people need more and more energy. At the same time, the planet is getting warmer and warmer, making climate protection increasingly important. We are therefore transforming our business model step by step with the aim of reducing the carbon footprint of the Company.

We see oil as a valuable raw material, which should not be burned. We see gas as well as hydrogen as enablers of the energy transition towards a low-carbon energy system.

To achieve this, we draw on our strengths and use many levers to reduce the CO2 concentration in the atmosphere:

  • With the help of new technologies, we are consistently reducing the CO2 emissions of our refineries and our oil and gas production.
  • We are increasing the proportion of gas in our total production and contributing to a significant reduction in CO2 emissions by replacing coal with gas as energy source.
  • We refine oil into high-quality petrochemical products instead of burning it to generate energy.
  • We recycle biogenic and plastic waste into valuable raw materials and are investing EUR 500 mn in these innovations, enabling a circular economy.
  • We are exploring ways to store CO2 in underground storage facilities and to reuse CO2 as a raw material for chemical products.
  • We are working on economically viable hydrogen solutions for industry and mobility.

OMV takes climate action in its operations, product and service portfolio, innovations and R&D activities, working environment, and social investments.

Actions in all areas are needed to combat climate change. Further details about all measures are provided in the respective focus areas.