Primary Climate Goal
Devon Energy's target annual Scope 1 + 2 emissions for 2050 should be equal to 0 Kt = 0% * 4,230 Kt, according to the company's stated climate goal.
In order to achieve this goal, Devon Energy would need to reduce its emissions at least by -141 Kt per annum over the period from 2021 to 2050:
-141 Kt = ( 0 Kt - 4,230 Kt ) / (2050 - 2020)
This translates into a -3.3% reduction in 2021.
The projected range shown on the chart is based on the Exerica's algorithm which takes account of both the company's stated goal and its past performance.
Devon Energy aims to achieve net zero for Scope 1 + 2 by 2050
Science Based Targets initiative In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
GHG emissions and Carbon intensity
Scope 1 + 2 GHG emissions (in tons of CO2e) divided by the company's Revenues (in USDm) for the same period
Devon Energy reported Total CO2e Emissions - Location-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2020 at 4,230 Kt (-680 /-13.8% y-o-y). At the same time, carbon intensity was up at 876 t (+87/+11% y-o-y).
Devon Energy's Scope 3 emissions grew to 49,000 Kt (
The company is committed to achieving net zero for Scope 1 + 2 by 2050, which translates into the estimated reduction of -141 Kt per annum over the period of FY2021 - FY2050. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.