Baker Hughes Progress in our Corporate Responsibility
Baker Hughes Progress – The Paris Climate Agreement is supported – We are in favour of the goals of the UN Paris Climate Agreement, which aims to limit the rise in the global temperature well below 1.5 degrees Celsius. Our corporate objective is to drive the energy transition to a low-carbon future as an energy technology company with a portfolio of lower-carbon solutions across the energy value chain. By 2030, we have promised to cut our Scope 1 and 2 carbon equivalent emissions by 50%, and by 2050, we want to have completely eliminated them.
Baker Hughes Progress
Establishing a common objective, coordination, active participation, knowledge exchange, and action by all parties are necessary for effective stakeholder engagement. Stakeholder involvement by Baker Hughes passes this requirement by giving the company the chance to collaborate.
In 2021, we created a unified and cooperative method for identifying, assessing, and choosing partnerships and memberships with stakeholder participation based on factors like commercial interest, geographic reach, policy stances, reputation, and engagement opportunities. We specifically assessed our partner organizations to see if they support our principles, are aligned with our plans for the energy transition, and offer chances for fruitful collaboration in attaining certain objectives. We seek to learn from the organizations and other members while making a difference by expressing our policy viewpoints. Through a number of subject-specific knowledge networks, the company shares the information and insights gained from stakeholder investments, and the company’s knowledge centre archives it for public access. Memberships and collaborations with outside parties are formally examined each year.
However, we are increasingly concentrating our attention on associations and thought leadership organizations connected with the energy transition to a lower-carbon world. We still maintain strategic stakeholder engagements within the OFSE market. While the majority of our interactions entail regular monthly or quarterly contributions to committees, seminars, task forces, and projects involving specific stakeholders that share our interests, we have also teamed up to co-present at specialized events with our stakeholders.
Here are some instances of how we collaborated with key stakeholder groups to generate shared value:
Institute for Global Carbon Capture (GCCSI)
Baker Hughes works with the GCCSI, the top think tank for carbon capture and storage in the world (CCS). Through interactions with the GCCSI, Baker Hughes assists in raising awareness of CCS technology and its importance for attaining our climate goals.
Association of International Oil and Gas Producers (IOGP)
The upstream oil and gas industry in Europe is represented by IOGP. A new energy transition project from IOGP was revealed in 2021, with workstreams concentrating on a variety of challenges including flaring, energy efficiency, carbon capture and storage, and electrification of offshore platforms. With representatives in the new energy transition workstreams, Baker Hughes is assisting in the advancement of these initiatives.
Flaring Management Guidance for the Oil and Gas Industry is a publication by the International Oil and Gas Partnership (IOGP), the International Petroleum Industry Environmental Conservation Association (IPIECA), and the World Bank. As co-chairs of the IOGP Policy Sub-Committee, we also worked on the studies on repurposing oil and gas infrastructure and human issues in oil and gas operations.
Members of Hydrogen Europe come together to address problems and obstacles related to creating standards for cutting-edge technology in the hydrogen economy. Baker Hughes experts provide feedback on the position papers and draught calls for proposals to the association’s particular working groups. In 2021, Baker Hughes took part in the formation of a consortium to lay out the necessary skill set requirements for the hydrogen industry as an industry expert. We provided input for Hydrogen Europe’s papers on the Trans-European Networks for Energy (TEN-E) Regulation and EU State Aid Regulation. The paper on the use of hydrogen released at COP26, sponsored by Hydrogen Europe, was also funded by Baker Hughes.
Association for Carbon Capture and Storage (CCSA)
The London-based CCSA supports the use of CCUS for commercial purposes. Through the CCSA, Baker Hughes interacts with significant UK stakeholders to engage them in the policy-making process and to debate important policy concerns with elected officials. Baker Hughes contributed to the July 2021 release of the CCSA’s white paper on building the UK supply chains to deliver a successful CCUS implementation programme.
The Institute of Oil and Gas in Argentina (IAPG)
Concerning issues, rules, standards creation, and committees related to the oil and gas industry, the IAPG helps the government. Baker Hughes expressed support for a new methane emissions reduction standard in comments made in 2021 in response to the Emissions Committee’s proposed methane emissions regulation that was intended to be submitted to the Argentinian Energy Secretariat.