Net-Zero Transformation
We understand the urgency of climate action and our climate ambition is informed by the goals of the Paris Agreement.
Under OMV’s Strategy 2030, we have established interim climate targets. These targets are set at an absolute and intensity level with the ultimate ambition of achieving net zero* greenhouse gas (GHG) emissions in Scopes 1, 2, and 3 by 2050. We use 2019** as our base year for all targets. We also identified key decarbonization levers, which are being implemented through our Climate Transition Plan with defined actions until 2030. Beyond 2030, future actions and investment decisions will be reviewed and updated as technologies, markets, and regulatory requirements evolve as part of OMV's pathway towards its net-zero ambition for 2050.
We’re taking concrete steps to reduce greenhouse gas emissions from our own operations and from parts of our value chain. This means we also look at emissions that happen before and after our direct activities, for example when raw materials are supplied to us, when customers use our products, or when products are handled at the end of their life. This includes upgrading our portfolio with a share of products with lower greenhouse gas emissions over their life cycle, supported by certification or life cycle data, and introducing geothermal heat with lower operational greenhouse gas emissions.
Our targets
- Reduce our absolute Scope 1 and 2 emissions by 30% by 2030 and by 60% by 2040
- Reduce our absolute Scope 3 emissions by 20% by 2030 and by 50% by 2040
- Reduce the carbon intensity of our energy supply by 10% by 2030 and by 25% by 2040
- Phase out routine flaring and venting of associated gas as soon as possible, but no later than 2030
- Reduce the methane intensity of our exploration and production business area to 0.1% or lower by 2030
Achieving our climate targets requires action across our operations, product and service portfolio, circular economy activities, innovation and R&D, working environment, and social investments – as detailed in our Climate Transition Plan. There is no single solution to tackling climate change and reaching our targets for 2030 and beyond will require significant effort across all business units, building on our existing strengths and know-how.
These are the key pillars that will support progress toward our targets:
- An increase in products and energy with lower greenhouse gas emissions over their lifetime: We aim to grow sales of certified renewable and circular chemicals and fuels, renewable electricity for our own use, and geothermal heat. This means offering more products and energy solutions that can cause lower greenhouse gas emissions across their life cycle, from production to use and, where relevant, end-of-life handling, compared with fossil-based fuels. Renewable and circular chemicals and fuels are certified under the ISCC sustainability certification framework.
- Improving energy and operational efficiency, which means using less energy to produce the same output, for example by optimizing industrial processes, recovering and reusing heat, or upgrading equipment. We also aim to phase out routine flaring and venting, which means avoiding the regular burning or release of gas during production wherever technically possible. Together, these measures help reduce greenhouse gas emissions, including methane emissions.
Investments supporting OMV’s net-zero ambition
To find out more about the details of our capital investments in decarbonization, take a look at our Climate Transition Plan.
We’re increasingly turning to renewable sources of electricity to power our operations, both by installing our own capacity as well as sourcing long-term renewable electricity through Power Purchase Agreements (PPAs). Since mid-2022, we’ve been using a ground-mounted photovoltaic (PV) plant at Schönkirchen, with a total capacity of 15.32 megawatt peak. Built jointly with VERBUND, this plant produces electricity for our Austrian energy business.
In 2022, we also signed a PPA with WEB Windenergie AG, with an output of 5.6 megawatts (MW) and annual electricity production of 13.7 gigawatt hours. Since 2023, renewable electricity from wind power has been used to produce renewable hydrogen, meaning hydrogen generated through electrolysis using renewable electricity, at our Schwechat refinery.
We aim to reduce methane emissions from relevant sources, including point sources, fugitive emissions, and technically avoidable emissions, such as those from well testing and well workover. To support this, all new production sites are designed to make use of gas that would otherwise be flared.
To address other emission sources, leak detection and repair (LDAR) programs are in place throughout our upstream and downstream operations. Our proactive approach uses advanced technologies like optical gas imaging and thermal imaging infrared cameras to quickly identify and address leaks.
We support the World Bank’s “Zero routine flaring by 2030” initiative and have also joined the United Nations Environment Programme’s Oil & Gas Methane Partnership (OGMP 2.0), aimed at improving the accuracy and transparency of methane emissions reporting.
In 2022, we began producing Sustainable Aviation Fuel (SAF) as part of our shift toward products with lower lifecycle greenhouse gas emissions. For more information, visit our dedicated page on Fuels & Feedstocks.
*The commitment “net-zero business by 2050” covers the greenhouse gas (GHG) emissions of our operations (Scopes 1 and 2), and our product portfolio and other Scope 3 emissions along the value chain. For our interim GHG targets for 2030 and 2040, Scopes 1 and 2 and the following Scope 3 categories are included: Category 11: Use of Sold Products for energy supply, Category 1: Purchased Goods (feedstocks) from OMV’s Chemicals business segment, and Category 12: End-of-Life of Sold Products for non-energy use.
**2019 is used as the base year because it was the last full year before the COVID-19 pandemic and the majority of the OMV Group’s assets were operating for the whole of the year.