Phillips 66 to make carbon cutting targets, climate lobbying report

London (Quantum Commodity Intelligence) – US refiner Phillips 66's shareholders voted in favour of the company setting and reporting on greenhouse gas emissions targets and issuing a report on climate lobbying, according to a securities filing released late Thursday.

The company already publishes data on its scope 1 and 2 emissions and how much they have been reduced, which covers emissions related to the impact of both the feedstocks it uses and its own operations, but the new vote cements plans to put in place targets for future cuts.

The resolution passed with a two-thirds share of votes, while the motion to report on climate lobbying passed with a 52% share.

The behind-the-scenes lobbying operations of fossil energy companies has been under investor and public scrutiny, with stakeholders keen to know whether public statements on climate change goals match up with action taken at a governmental level.

Rival refiners and energy majors have already published long-term targets for emissions reductions, although the specificity of targets in the short- and medium-term has been questioned.

Phillips 66 announced in January that it would create a new 'emerging energy' segment that sits alongside its existing midstream, refining and other traditional operations.

The segment focuses on commercialising new energy technology, including within its existing portfolio of renewable diesel assets.

The company has co-processing capacity at its refinery in Humberside, UK that is expected to produce up to 5 million b/d of hydrotreated vegetable oil biodiesel from used cooking oil by 2024.

It is also converting a fossil refinery in Rodeo, California to produce up to 50 million b/d by 2024 and has feedstock supply and biofuel offtake agreements for two planned facilities in Nevada with Ryze Renewables.