HOUSTON, June 06, 2022 (GLOBE NEWSWIRE) -- Dril-Quip, Inc. (NYSE: DRQ) (the “Company” or “Dril-Quip”) has set its decarbonization targets to align with a 1.5°C global warming pathway and the ambitions of the Paris Agreement, which seeks to limit global warming to well below 2°C above pre-industrial levels.
>> In Other News: Novata and Climate Neutral Announce Partnership to Provide Private Companies with Carbon Data Solution Through Integrated Emissions Estimator
Dril-Quip, Inc. is targeting the reduction of its combined Scope 1 and Scope 2 emissions by more than 50% between 2021 and the target year 2030. Decarbonization actions include switching to renewable electricity at certain manufacturing sites, rightsizing facilities, investing in infrastructure to reduce emissions, reducing vehicle fleet, and evaluating electrification opportunities.
Dril-Quip is not only committed to driving environmental stewardship throughout its organization but also through the broader energy industry. More than an estimated 75% of Dril-Quip's Scope 3 emissions are attributable to machinery, products, and services purchased by Dril-Quip and the use of Dril-Quip’s equipment leased by customers. Because of this, Dril-Quip is working closely with suppliers and customers to find avenues to decarbonize their operations further and help them set their targets aligned with the 1.5°C global warming pathway to reduce emissions across the entire value chain. Dril-Quip is engaging with key suppliers to reduce upstream emissions in sourcing activity to help them reduce their carbon footprint and commit to long-term GHG emission targets. The Company is also partnering with customers to develop engineered solutions to reduce emissions during product fitting and installation by aligning their solutions with their long-term decarbonization goals.
Jeff Bird, Dril-Quip's Chief Executive Officer, commented, “We are proud to take these additional steps on our ESG journey, particularly establishing decarbonization targets to align with a 1.5°C global warming pathway. I am thankful for the efforts of our internal team members and advisors who assisted in assessing our carbon footprint and identifying actions to reduce our emissions and who have worked with other parties in our supply and delivery chain to reduce emissions. Additionally, Dril-Quip continues investing in technologies and services that reduce carbon and environmental impact through both internal R&D efforts and collaborations. This is evidenced by our innovative e-Series products that help our customers reduce their carbon footprint, and our recently announced collaboration with Aker Solutions to provide an optimal carbon capture, utilization and storage solution for customers.”
More information on Dril-Quip’s ESG initiatives is available at: Dril-Quip ESG Initiatives
Dril-Quip is a leading developer, manufacturer, and provider of highly engineered equipment, services, and innovative technologies for use in the energy industry. Visit www.dril-quip.com and connect with us on LinkedIn.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🔧 America Bets Big on Blue Hydrogen: Inside the Engine Revolution Backed by Top Institutions 🤖 Bringing AI to Carbon Capture: How Imperial College is Revolutionising Plant Operat...
Inside This Issue 💰 Shell, Equinor, Totalenergies to Invest $714 Million in Carbon Storage Expansion 🚢 AiPs Obtained for Liquefied CO₂ Carrier Design and Floating Liquefied Storage Facility 🌱 Stoc...
Inside This Issue 🌍 Innovating the Future: Gautam Swami's Global Journey in Low-carbon Energy and Finance 🌊 Captura Announces Sale of Carbon Removal Credits and Strategic Partnership With Mitsui O...
EFM and Meta Collaborate to Advance Climate-Smart Forestry in Washington State
PORTLAND, Ore.--Yesterday, EFM, a forest investment and management firm, and Meta announced that they have finalized a groundbreaking long-term contract for the delivery of 676,000 nature-based car...
Carbon Direct Releases Criteria for High-Quality Marine CDR in Collaboration with Microsoft
New standards aim to support buyers and developers in advancing scientifically rigorous, scalable mCDR solutions Key Takeaways: New standards for marine carbon dioxide removal (mCDR) – Carbon ...
dynaCERT Applauds the Expansion of the Ontario Hydrogen Innovation Fund
TORONTO – dynaCERT Inc. (TSX: DYA) (OTC: DYFSF) (FRA: DMJ) (“dynaCERT” or the “Company”) applauds the recently announced changes of March 31, 2025, proposed for the Ontario Government Hydrogen Inno...
$28 million project financing, inclusive of the completed sale of the Investment Tax Credit associated with the project, returns cash back to Energy Vault's balance sheet for the first resiliency c...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.