SBM Offshore says it is on track to become greenhouse gas (GHG) neutral from its own operations by 2025 and to use 100% renewable energy by 2030 for scope 1 and 2 emissions. The company has already achieved a 58% reduction compared to its 2016 baseline.
Its progress so far has been driven mainly by sourcing renewable electricity for office operations through supply agreements or Energy Attribute Certificates (EACs).
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In 2024, SBM Offshore said it canceled 1,009 tonnes of CO₂ equivalent through the Ganges Mangrove Project in India. “This accounted for 100% of the total remaining office-related emissions for scope 1 and 2,” SBM Offshore outlined in its 2024 Annual Report.
The project is certified under the Verified Carbon Standard (VCS16) and aligns with the International Carbon Reduction and Offset Alliance (ICROA) guidelines. It focuses on coastal ecosystem restoration and has undergone independent verification and third-party audits.
SBM Offshore continues to prioritize direct emissions reduction while investing in verified carbon credits that deliver “measurable environmental and social benefits.” The company does not currently use internal carbon pricing in its financial or operational decision-making but is monitoring developments to assess its future relevance.
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The company outlined future plans, including energy savings and renewable energy use at onshore sites. Where renewable sources are unavailable, SBM Offshore is exploring alternatives such as solar panel installations.
On scope 3 emissions, SBM Offshore is advancing its emissionZERO® program. It aims to bring a near-zero emissions FPSO to market by 2025. As part of this, the company is deploying an “emissions and energy tool across all units in Brazil and Guyana” to identify opportunities for reducing emissions.
SBM Offshore will also expand its GHG calculation to include emissions from employee commuting and inbound logistics for Tier 1 suppliers.
The company said it remains committed to achieving higher environmental performance than the 2023 IOGP benchmark for energy consumption.
