OMV publishes Sustainability Report 2021 and details new sustainability targets
OMV, the international, integrated oil, gas and chemicals company headquartered in Vienna, has published its 17th sustainability report today – also available in digital form here.
Last month, OMV presented its new Group Strategy 2030, which puts sustainability front and center. To ensure long-term sustainable success and the ability to deliver attractive returns for all stakeholders, OMV commits to becoming a net-zero company in Scope 1, 2 and 3 by 2050 at the latest. The plan foresees an emissions reduction of 30% for Scope 1 & 2 and a 20% reduction for Scope 3 by 2030 (vs. 2019).
Sustainability means more than lowering greenhouse gas (GHG) emissions. OMV has put an equally strong focus on health and safety, people, resources, and ethical business practices. OMV’s Sustainability Report 2021 details the new sustainability targets and commitments, the progress the company made in 2021, and its plans for the coming years. OMV’s targets are tied to contributing to the UN Sustainable Development Goals, and include:
- Clear, ambitious absolute and intensity GHG reduction targets across all Scopes
- A “ZERO harm – NO losses” approach for OMV employees and contractors
- A commitment to a Just Transition towards a climate-neutral economy in a fair way, addressing social and economic effects
- A goal to increase the proportion of women at management level and board level to 30%
- At least 1% of OMV’s net income to be spent on strategic social investments
- A plan to extend sustainability evaluations to all key suppliers and reduce the carbon footprint of the supply chain
The OMV Sustainability Report is prepared in accordance with the standards of the Global Reporting Initiative (GRI) – the world's most widely used guidelines for sustainability reporting – as well as the requirements of the Austrian Sustainability and Diversity Improvement Act (NaDiVeG). The report follows the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and the disclosures recommended by the Sustainability Accounting Standards Board (SASB).
With Group sales revenues of EUR 36 bn and a workforce of around 22,400 employees in 2021, OMV is amongst Austria’s largest listed industrial companies.
In Chemicals & Materials, OMV through its subsidiary Borealis, is one of the world’s leading providers of advanced and circular polyolefin solutions and a European market leader in base chemicals, fertilizers, and plastics recycling. Together with its two major joint ventures – Borouge (with ADNOC, in the UAE and Singapore) and Baystar™ (with TotalEnergies, in the USA) – Borealis supplies products and services to customers across the globe. OMV’s Refining & Marketing business produces and markets fuels as well as feedstock for the chemical industry, operates three refineries in Europe, and holds a 15% stake in a refining joint venture in the UAE. OMV operates around 2,100 filling stations in ten European countries. In addition, the activities include Gas & Power Eastern Europe where it also operates a gas-fired power plant in Romania. In Exploration & Production, OMV explores and produces oil and gas in the four core regions of Central and Eastern Europe, Middle East and Africa, North Sea, and Asia-Pacific. Average daily production in 2021 included production from a joint venture in Russia and amounted to 486,000 boe/d with a focus on natural gas (~60%). As of March 1, 2022, Russian entities are no longer consolidated. Its activities include Gas Marketing Western Europe, where it also operates gas storage facilities in Austria and Germany.
OMV intends to transition from an integrated oil, gas, and chemicals company to become a leading provider of innovative and sustainable fuels, chemicals, and materials, while taking a leading global role in the circular economy. By switching over to a low-carbon business, OMV is striving to achieve net zero in all three Scopes by 2050 at the latest.