We recognize that our stakeholders are relying on us to contribute solutions to the challenges we are all facing together, from COVID-19 to the energy transition. Our response is reflected in our continued commitment to Integrated Sustainability as one of six matters of importance within our revitalized strategy, and our aim to be an energy producer of choice for all who rely on our activities.
Working together across our business units and teams, we have defined goals that will be essential in achieving that aim, including two emissions-related targets. The first is our commitment to net zero emissions in our own operations, including Scope 1 and Scope 2 emissions, by 2050. We are very transparent that this is an aspirational goal that will rely on both our own reduction activities and on technologies that are not yet commercially viable. And yet, we can already see the acceleration of the global ingenuity and collaboration that will help us get there.
As these develop, we are focusing on responsibly producing, for as long as they are required, the oil and natural gas that are currently essential to support the world’s need for accessible and affordable energy. At the same time, we are developing opportunities in other areas that are an economic and synergistic fit for our business. This includes building on the success of our geothermal co-production in France with the launch of our third project in that country, supporting a spirulina facility near our Vic Bilh operation.
As the first step on the pathway to our net zero goal, we have set a second target, to reduce the Scope 1 emissions intensity within our operations by 15 to 20% by 2025, using a baseline year of 2019. We are steadfast in our dedication to financial discipline and a healthy balance sheet, and so our plan to achieve our 2025 target includes process changes, venting reductions, instrumentation upgrades from gas to air, power efficiency options, and improved metering and field measurements. As we progress, we will set new targets at least every five years, exploring broader options that included assessing our ability to reduce Scope 3 emissions.
These targets, which are focused on climate change as one of the most important issues of our time, are important, but they are not our sole focus. For more details on our other commitments, including to safety, the environment and our communities, I encourage you to read further into our report, including our section on strategy.
In closing, I would like to recognize the people who drive Vermilion’s ambitions and our successes – our people around the world. Each and every day, their efforts make it possible for us to live our purpose as a responsible energy producer.
Curtis Hicks, President