Energy transition refers to the world's transition of its energy supply from fossil-based forms of energy (oil, gas and coal) to renewable or clean forms of energy (wind and solar) and its energy use (to become more efficient with lower carbon emissions).
For centuries, human activity has been releasing greenhouse gases into the atmosphere - as a result our planet has been heating up - with average global temperatures increasing by 2.2 F or 1.2 C. Additionally, our planet is seeing warming oceans, shrinking ice sheets and glaciers, sea level rise and extreme weather events.
These events, combined with new technologies and an increased demand for energy, are driving our current energy transition and the need for a more sustainable future.
Customers worldwide have long relied on us to help them solve the biggest flow control challenges, and the current energy transition is no different. At Flowserve, our approach to energy transition begins and ends with our purpose: to make the world better for everyone.
Energy transition applies to all aspects of energy consumption and production, and, we serve many of the markets and sectors that are at the forefront of energy transition, such as power, oil and gas, chemicals and more. As they shift toward cleaner forms of energy and reduce their carbon emissions, Flowserve is uniquely positioned to support our customers through this transition today and into the future.
We are supporting our customers through this energy shift using a threefold approach.
As part of our commitment to sustainability, Flowserve set a carbon reduction target to reduce operating carbon intensity 40% by 2030, using 2015 as a baseline year.
We aim to reduce combined direct (Scope 1) and indirect (Scope 2) carbon emissions of 29.4 Tonne CO2-equivalent (CO2e) per million USD dollars in sales revenue in 2015 to 17.4 Tonne CO2e or lower by 2030. We plan to meet this target through energy efficiency improvements, renewable energy project development and other measures to offset our greenhouse gas emissions.
As of December 31, 2020, Flowserve has achieved 57% of the 2030 carbon reduction target.
Learn how Flowserve is leveraging sustainable practices to reduce carbon emissions and increase energy efficiency within our own manufacturing footprint.
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