Phillips 66 offers insight into future energy plans through 2024 Sustainability and People report

Published on June 24, 2024 by Chris Galford

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The energy provider Phillips 66 recently released a Sustainability and People Report that showed numerous steps forward in sustainability last year, from improvements to greenhouse gas emissions intensity reduction to new refineries.

In San Francisco, the company completed the transition and startup of a refinery into the Rodeo Renewable Energy Complex, forming one of the largest renewable fuels facilities on earth. At the same time, it advanced sustainability goals and GHG emissions reduction targets. This included methane emissions management based on a four-part management style and an improvement to GHG emissions intensity from the 2019 baseline thanks to portfolio changes, better refining utilization, energy use optimization, and renewable fuels blending.

As of last year, the company cut its manufacturing emissions intensity for scope 1 and 2 assets by 17 percent compared to the 2019 baseline, but it intends to cut them by 50 percent as of 2050. As of 2023, its product emissions intensity for scope 3 assets dropped only 7 percent, but it intends to up this to 15 percent by 2030.

“This report is both a snapshot of our employees’ achievements and a roadmap for the future as we continue to deliver on our strategic priorities,” Mark Lashier, Phillips 66 chairman and CEO, said. “Our successes in 2023 demonstrate our commitment to carrying out our mission of providing energy and improving lives. We are energized by the opportunities ahead as we pursue lower-carbon and other investments that are the right strategic fits for our business.”

This year was the first time Phillips 66 merged its sustainability and human capital management disclosures into one report. It has published sustainability metrics and information annually since its founding in 2012.