Baker Hughes has announced the release of its 2020 Report on Corporate Responsibility. The report provides an expanded view of the company’s environmental, social, and governance (ESG) performance and outlines its corporate strategy and commitments for a sustainable energy future.
In 2020, as part of its progress, Baker Hughes expanded its low-carbon technology portfolio and prioritized net-zero considerations in its corporate strategy to ensure alignment across the company and the ability to measure and report progress across new areas and frameworks.
“Last year was a period of challenge and change for the global business community, and the business case for sustainability as a core strategic focus has never been clearer,” said Lorenzo Simonelli, Baker Hughes Chairman and CEO. “Baker Hughes is guided by our corporate purpose and deeply committed to operating in a responsible and sustainable way – challenging ourselves to perform at the level of the most responsible companies in the world, not just in our own industry.”
Baker Hughes’ report outlines a net-zero roadmap based on nine key building blocks necessary to achieve net-zero scope 1 and 2 carbon emissions by 2050. They include:
- Defining and operationalizing its efforts for enterprise transformation;
- Implementing a comprehensive sustainable supply-chain framework; and
- Continuing to innovate and advance research and development of low-carbon technology.
“The last year was pivotal in the evolution of our sustainability reporting,” said Allyson Book, Baker Hughes VP of Energy Transition and the company’s Sustainability Steering Team Chair. “We took an important step forward in 2019 when we prepared our report in accordance with GRI Core Standards, and we advanced our reporting in this year’s edition by including the Sustainability Accounting Standards Board and the Task Force on Climate-Related Financial Disclosures frameworks. We also added transparency in how we calculate and report our emissions in accordance with the Greenhouse Gas Protocol.”
Baker Hughes’ 2020 progress and achievements in ESG material areas are disclosed in its report. The company highlighted these achievements:
- Reduced Scope 1 and 2 greenhouse gas emissions 15% over prior year;
- Invested for growth and expanded capabilities in new energy frontiers, like hydrogen and CCUS;
- Heightened focused on opportunities for diversity, equity and inclusion;
- Improved in safety and health and reduced recordable incidents 18%; and
- Contributed $119 million to sustainable communities and social progress.