Australian power producer Origin Energy on Aug. 26 set a target for net-zero direct and indirect emissions by 2050, as energy companies around the world outline efforts to curb emissions amid investor pressure.
Companies are increasingly in the crosshairs of investors and campaigners over their role in promoting coal, oil and gas – the leading causes of man-made greenhouse gas emissions.
Origin aims to reduce Scope 1 equity emissions, a type of direct carbon emissions, by a cumulative 8 million tonnes between the financial years of 2021 and 2023, with 2017 as a baseline, with a percentage of executive pay on the line.
The power producer has linked between 10% and 15% of short-term incentives of its executives, excluding those of its retail and Origin Zero divisions, to the emissions targets.
"Our view is that gas will continue to play an important role in the energy mix for some time," CEO Frank Calabria said.
About 10% of the CEO's short-term incentive will be linked to a short-term 2023 goal.
Origin is aiming at a 40% reduction in direct and indirect equity emissions intensity by 2030, with 2019 as a baseline, in keeping with standards set by the Paris Agreement.
2022-10-14 - Here’s a look at some of this week’s renewable energy news including Sempra Infrastructure’s new partnership to develop green hydrogen and ammonia projects in the U.S.
2022-09-19 - Joe Nolan will succeed Jim Judge as Eversource Energy's executive board chairman as of Dec. 31, 2022.
2022-09-20 - Scale equals relevance and Ranger Oil, doing everything its larger peers do, wants to build its way in the Eagle Ford to higher trading multiples, CEO and President Darrin Henke told Hart Energy in this exclusive interview.
2022-09-19 - Entrepreneurs gathered to pitch innovative and sustainable solutions to energy investors at a recently held energy tech venture forum by Rice University.
2022-09-23 - Effective Oct. 1, Dorchester Minerals CEO William Casey McManemin will step down, allowing for the succession of COO Bradley J. Ehrman.