Climate Change

OMV clearly recognizes that climate change is one of the most important global challenges today and fully supports the goals set forth by the Paris Climate Change Agreement. By 2050, OMV aims to transform into a net-zero business. This commitment includes not just our operations (Scope 1 and 2), but also our product portfolio and other material Scope 3 emissions.¹ The following Scope 3 categories are included: Category 11: Use of Sold Products for OMV’s energy segment, Category 1: Purchased Goods (feedstocks) from OMV’s non-energy business segment, and Category 12: End-of-Life of Sold Products for OMV’s non-energy segment.

Carbon Intensity of Energy Supply³¹⁰

In g CO₂/MJ

This year, OMV has set out a roadmap with concrete interim short-, mid-, and long-term targets for the first time. 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 aims for an absolute reduction of 30% by 2030 and of 60% by 2040. For Scope 3, OMV strives for a reduction of at least 20% by 2030 and of 50% by 2040² For the absolute targets for Scope 1, 2, and 3 emissions set for 2030 and 2040, the base year emissions in 2019 have been recalculated to include emissions from Borealis, in which OMV acquired a majority stake in 2020. Target achievement here is not directly comparable to the 2019 data in Performance in Detail – Environmental Data, where figures do not include Borealis.. These absolute targets are the key to reducing the carbon intensity of our energy supply³ The carbon intensity of the energy supply is measured by assessing the intensity of the Scope 1 and 2 emissions plus Scope 3 emissions (in g CO₂) from the use of sold energy products, against the total energy value of all externally sold energy products (in MJ) (excluding purely traded volumes)., targeting a decline of 20% by 2030 and of 50% by 2040. These targets are approximated to IEA’s Sustainable Development Scenario (SDS). However, our ambition is to achieve net-zero emissions already by 2050, thus being aligned with the IEA’s Net Zero Emissions (NZE) Scenario.

To achieve these targets, OMV takes climate action in its operations, product and service portfolio, innovations and R&D activities, working environment, and social investments. There is no silver bullet for tackling climate change. Reaching our 2030 targets and beyond will require a considerable effort by all of our business units, but it will be done by building on existing strengths and know-how.

These are the key pillars that will enable us to meet our goals:

• A significant decrease in fossil fuels and natural gas sales: By 2030, we intend to reduce oil and gas production levels to below 400 kboe/d and cut crude distillation throughput by 2.6 mn t.
• An increase in zero-carbon energy sales: There will be a significant increase in sustainable and biobased fuels, green gas sales, and a build-up of photovoltaic electricity capacity for captive use, as well as geothermal heat.
• An increase in polyolefins recycling and sustainable feedstocks: We will deliver approximately 2 mn t/year of circular products, that is, polyolefins manufactured from recyclate or biogenic feedstock rather than fossil sources.
• Improved energy efficiency
• All energy purchases in the Chemicals & Materials segment will be 100% renewable. In 2021, electricity purchased by Chemicals & Materials accounted for 12.8 PJ – approximately 77% of OMV’s total electricity purchased.

Besides these efforts, neutralization measures will be necessary. OMV anticipates that it will develop around 5 mn t per year of CCS capacity across all business units. OMV aims to support and accelerate the energy transition with this new strategy.