Our climate targets:
OMV CEO Rainer Seele: "In our sustainability strategy, we are now stating a long-term ambition of net-zero emissions for the first time. On the one hand, this will require short-term optimizations. In the long run, however, we will also need to draw on new technologies such as carbon capture and utilization or storage. Implementing these sustainable technologies in a way that is economically feasible will require an appropriate regulatory environment.
Click here to read the full interview.
We are committed to building a sustainable world worth living in for everyone. Our decades of company history, experience and expertise, allow us to make a significant contribution to a climate-friendly future. We are aware of our responsibility and we will live up to our commitment to the Paris Agreement and the EU climate targets. As experts in geology, hydrocarbons, and chemical conversion processes, and with our power to innovate, our economic potential, and the ability to achieve what we set out to do, we are confident that we will be successful.
Our key targets:
- We will reach net-zero GHG emissions of operations (scope 1 and 2) by 2050 or sooner.
On the way to the long-term ambition, OMV is setting concrete intermediate goals. By 2025 a reduction of at least 60% for Upstream and at least 20% for Refining will be achieved (both compared to 2010). This means the carbon intensity groupwide (excluding Borealis) is to be reduced by at least 30%. Between 2020 and 2025, OMV intends to reduce its CO2-equivalent emissions in operated assets by at least 1 mn t.
- We want to become a leader in the circular plastics economy.
Here we will unify the chemical and mechanical recycling potential of OMV and Borealis and invest EUR 1 bn in innovative solutions like ReOil by 2025.
- We will continue to reduce the carbon footprint of our product offering. By 2025, at least 60% of our portfolio will consist of low and zero-carbon products.
This means that we will increasingly use precious oil for petrochemical products, expand our gas, hydrogen and e-mobility offerings, and deliver advanced biofuels.
More details on our KPIs: OMV Sustainability Strategy
OMV aims to reach net-zero operations by 2050 or sooner. To reduce greenhouse gas emissions from operations, OMV is applying energy efficiency measures, using renewable electricity, modernizing our equipment and processes, and reducing the venting and flaring of gas. Since 2009, our emissions reduction projects have already helped us cut our greenhouse gas emissions by 1.8 mn metric tons, and we intend to save at least another 1 mn metric tons by 2025.
Over the past decade, we have successfully deployed ISO5001-certified energy management systems at all of our refineries and introduced projects that have reduced our absolute emissions in refineries by 0.7 mn t. Energy efficiency projects in all business areas include the modernization of our assets, process optimization, and, where appropriate, this has been done with the help of digitalization and new technologies.
We are turning to renewable sources of electricity to power our operations. For example, OMV and Verbund are building Austria’s largest photovoltaic plant. The plant is set to become operational in 2020 and will help power our operations in Austria. In Romania, filling stations are equipped with solar panels to cover their energy needs.
Phase-out flaring and venting
Phasing out routine flaring and venting is an essential step towards combining resource efficiency and long-term economic success. Most importantly, it actively supports our efforts to reduce the carbon footprint of our operations. We are committed to the World Bank Zero Flaring by 2030 Initiative.
Future technologies – from carbon capturing to hydrogen solutions
OMV is engaged in several pilot projects, including the UpHy project, which involves the production of hydrogen for use on the road and in the refining process. Green hydrogen can be used in our facilities, which will reduce carbon emissions from the refining process.
OMV is also investigating ways of capturing CO2 from its own assets and introducing it into former gas reservoirs to reduce OMV’s carbon footprint.
We believe that transitioning to a circular economy will significantly reduce our impact on the environment and our CO2 emissions. Such a circular economy is essential for a low-carbon future. Through the efficient use of our precious resources, we can recover and reuse byproducts or waste to make new materials and products. This process has the potential to significantly reduce associated emissions right across product value chains. Together, OMV and Borealis aim to be leaders in the circular plastics economy by combining their competencies in chemical and mechanical recycling. What’s more, we will invest EUR 1 bn in innovative solutions by 2025.
ReOil – used plastics as a raw material
The ReOil pilot project realized in the Schwechat Refinery (Austria) uses hard-to-recycle plastic waste to produce synthetic crude in a pyrolysis process. This recycled crude can be processed into any desired refinery product. This will reduce our dependency on fossil resources and improve our carbon intensity. By 2025 OMV aims to develop ReOil® into a commercially viable, industrial-scale recycling technology with a processing capacity of approximately 200,000 t of used plastics per year.
Co-Processing – biogenic waste as a raw material
OMV co-processing technology produces fuels from various types of biogenic, often waste-sourced, feedstock. This co-processing technology allows us to introduce biogenic waste-sourced components (e.g. used cooking oil) during the fuel refining process, which, in turn, increases the quality and stability of the fuels. Our high degree of integration at OMV refineries reduces greenhouse gas emissions from co-processing by up to 85% when compared with the EU standard for similar finishing steps for biofuels.
Carbon capture and utilization – CO2 byproduct as a raw material
Lafarge Zementwerke – a member of the LafargeHolcim Group – has co-signed a Memorandum of Understanding (MOU) with OMV, VERBUND, and Borealis to design and build a full-scale plant to capture CO2 by 2030. This CO2 will then be processed into synthetic fuels, plastics or other chemicals. Climate neutrality, a circular economy and innovation in Austria will all be enhanced by establishing a cross-sector value chain for carbon capture. This innovative project significantly reduces emissions from cement production and will turn this CO2 greenhouse gas into a valuable raw material.
Stopping ocean plastic leakage - Project STOP by Borealis
In October 2017, Borealis launched an initiative called Project STOP to eliminate leakage of plastics into the ocean, increase plastics recycling, and support the broader systemic changes required for a circular plastics economy. Project STOP focuses on the areas of the world where plastic ocean pollution is the most pressing. It helps cities and communities to establish sustainable waste management systems designed to reduce waste and create jobs. The first project started in Indonesia and is working to improve the ways plastics are handled in one of the country’s most polluted areas. More information on Project STOP
By 2025, at least 60% of our product portfolio will be composed of low and zero-carbon products. This means that we will use oil for petrochemical products, expand our gas, hydrogen and e-mobility offerings, and deliver advanced biofuels.
Responsible use of natural resources means not only producing and processing them efficiently but also maximizing their value for society. For crude oil, this translates into finding long-lasting, high-tech applications for hydrocarbons rather than burning them as fuel. Products based on petrochemical products such as ethylene, propylene, and butadiene are used extensively in our daily lives.
OMV actively advocates for the increased use of gas in power generation and mobility during the transition phase. Replacing lignite-fired power plants with gas reduces CO2 emissions by 50%. By 2025, 65% of our Upstream production portfolio will be natural gas. Gas in the form of natural gas, biomethane, hydrogen, and synthetic methane supports the integration of renewable energies.
In the area of gas mobility, we offer our customers liquefied natural gas (LNG) and compressed natural gas (CNG) solutions. Both emit significantly less CO2 and other air emissions when burned in combustion. We operate around 70 CNG filling stations across Europe. Our customers also have the option of procuring climate-neutral gas with our carbon-offsetting service.
OMV offers zero-carbon products, such as hydrogen. We have 14 hydrogen filling stations in Austria and Germany. OMV is actively exploring options with partners designed to take the key power-to-gas technology to an industrial scale. Sector coupling becomes a reality when energy from power-to-gas, wind, and solar is stored as hydrogen. Separate gas and electrical grids have the potential to become one energy cloud with fluid transitions.
OMV offers e-mobility options based on renewable energy. Over 200 e-charging points are available at OMV filling stations in Austria, Germany, Hungary, Romania and Slovenia.
OMV sells ISCC-certified biofuels that meet strict standards for CO2 emissions, as compared to conventional fuels. OMV also uses new technologies to increase the quality and stability of fuels with biogenic components through what is known as co-processing.
We recognize the climate challenge facing our societies and aim to work on finding solutions. Climate protection will be a key aspect of the OMV strategy update in 2021, as we continue to set new and more ambitious goals for addressing climate change.
Recognition of OMV’s sustainability performance
Find out more about how external bodies rate OMV’s sustainability performance here.