After a multi-year engagement with Climate Action 100+ investors, Devon Energy announced a commitment to achieve net zero emissions from operations and purchased energy by 2050 with an interim goal of a 50% reduction by 2030. Such emissions are often referred to as scopes 1 and 2. In so doing, Devon becomes only the third US oil company to make such a pledge. This is a significant step towards moving the energy sector towards a future that mitigates the harm from climate change. The Unitarian Universalist Association is the lead investor in the Devon engagement.
In addition, Devon has promised to reduce methane emissions intensity by 65% by 2030, achieve flaring intensity of 0.5% or lower by 2025, and eliminate routine flaring by 2030. This is extremely important because methane has a warming effect 80 times more powerful than carbon dioxide in the short term. According to the Stockholm Environment Institute, it is possible to cut methane emissions 45% by 2030. Doing so "would avoid nearly 0.3 degree C of warming after 2040, contributing significantly to keeping the 1.5 degree C Paris Agreement target within reach." While Devon's commitment does not extend to emissions arising from the use of its products, also known as scope 3, the Company has previously committed to measuring and publicly reporting these emissions.
Climate Action 100+ is an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. CA100+ is made up of 575 investors with $54 trillion in assets. The group is engaging 167 global companies that produce 80% of industrial greenhouse gas emissions. The organization's 10-point Benchmark calls on heavy emitting companies to set short, medium and long-term emissions targets in alignment with the goals of the Paris Agreement on Climate Change. The UUA and CA100+ investors will continue to press Devon to address all of the issues in the Benchmark.