How we manage sustainability
In 2021, OMV Petrom launched the 2030 Business Strategy through which we are embarking on a path to transform to a lower carbon future. By the new ambition and targets established, OMV Petrom recognizes climate change as one of the most important global challenges as well
as opportunities of today. The strategy sets out how we plan to grow as a diversified integrated energy company by adding new low carbon business activities and setting the path towards net zero in operations by 2050.
Sustainability is fully embedded in the business strategy, with our focus on running responsible operations, innovation & digitalization and fostering people and communities. The UN 2030 Sustainable Development Agenda is an integral part of our sustainability mission and links between the 17 goals and our strategic ambition and enablers.
The Sustainability Framework covers all relevant sustainability material topics – as resulted from the materiality analysis conducted in November 2020. For each material topic, clear commitments, action plans and targets are being developed. Driving the Energy Transition in SE Europe is our strategic ambition and the core of our sustainability efforts. It is our long-term aim to reach net-zero emissions in operations by 2050 and enable access to low and zero-carbon energy solutions to our customers and society at large.
Strategy 2030 key commitments
OMV Petrom: transforming for a lower carbon future
- Our ambition is to lead the energy transition in South-East Europe, capitalizing on emerging market opportunities
- We are committed to achieve Net Zero operations by 2050
- By 2030 we will reduce the carbon emissions of our operations by ~30%, gas will make up 70% of our hydrocarbon production and
- ~35% of our CAPEX will shift to low and zero carbon business
The OMV Petrom targets under the new sustainability framework extend to year 2030 and address the Transition to low carbon business in particular. Commitments and targets for all the other focus areas are under development, to be finalized in 2022. Moreover, we will continue to track progress on our 2025 assumed targets in this report.
2030 Climate Targets include achieving Net Zero Operations by 2050 (Scope 1 & Scope 2) with a Low Carbon Spending CAPEX (2022 – 2030) of 35% as well as a series of more specific 2030 targets related to carbon intensity and absolute values reduction.
|Reduction area||KPI||Target 2030 vs 2019|
Carbon Intensity of Operations
|E&P Carbon Intensity Reduction||-70%|
|Refining Carbon Intensity Reduction||-15%|
|Power Business Carbon Intensity Reduction||-20%|
|Group Carbon Intensity Reduction||-30%|
|E&P Methane Intensity ¹||<0.2%|
Absolute GHG Emissions
|Scope 1: Zero Routine Flaring and Venting||0|
|Scope 1-2 GHG Reduction||-30%|
|Scope 1-3 GHG Reduction||-20%|
Carbon Intensity of our Portfolio
|Share of Low and Zero Carbon Products in Total Product Portfolio||~60%|
|Net Carbon Intensity of Energy Supply Reduction||-20%|
¹ Methane intensity target is by 2025
Transition to low carbon business
By 2050, OMV Petrom operations will be carbon neutral, contributing to Romania’s decarbonization targets. A greener and more diversified portfolio will be reached by investing in biofuels, alternative mobility, renewable power generation and new technologies.
Run Responsible Operations
We will achieve our business and climate ambitions by prioritizing the health and safety of our employees, customers and partners, focusing on resource efficiency and environmental protection, and acting with integrity and transparency towards all our stakeholders.
Foster People and Communities
We aim to build and retain a talented, diverse and engaged team to support the company’s transition to a low-carbon business and its regional growth ambitions. We strive to make a positive impact in our communities, by listening and acting on their concerns and supporting their sustainable development.
Leverage Innovation & Digitalization
We are committed to explore the use of innovative technology, research & pilot projects in new energy solutions, such as: carbon capture utilization and storage CC(U)S, low carbon hydrogen, photovoltaic assets, e-mobility, gas mobility. We support the use of waste feedstock to produce biofuels. We leverage digitalization to run programs to reduce carbon footprint, enhance HSSE capabilities and upskill employees.
Romania is among the fastest growing economies in Europe, driving increasing energy demand. OMV Petrom is well placed to meet this demand with lower carbon Black Sea gas and significant investment in renewable power, biofuels, alternative mobility and new technologies.
Combined with a disciplined approach to capital allocation, we will generate significant free cash flow with strong growth in profits – supporting our investments across the business and delivering strong returns for shareholders through the decade.
We maintain a relentless focus on our stakeholders: employees, communities, customers, and shareholders.