This week Devon Energy Corp (NYSE:DVN) announced a new commitment to reduce the intensity of its methane emissions. Shareholders have been working with Devon on climate change issues since 2016.
Devon Energy Commits to Methane Target; Full Carbon Footprint Remains Large
Oklahoma City, Oklahoma—June 13, 2019—This week Devon Energy announced a new commitment to reduce the intensity of its methane emissions from 0.32 percent in 2018 to 0.28 percent by 2025. This announcement comes recently after the company’s sale of its high-carbon oil sands assets in Canada. Shareholders have been working with Devon on climate change issues since 2016. In 2018, the George Gund Foundation and As You Sow withdrew a shareholder proposal and worked with the company to obtain its first ever climate risk report. In 2019, the same groups filed a shareholder resolution requesting disclosure of Paris-aligned greenhouse gas emissions targets.
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Robert Jaquay, associate director of the George Gund Foundation, made the following statement:
“Our resolution this year highlighted the need for Devon to take swift action on climate change. We are glad they have taken this small initial step and look forward to more significant action in the future.”
Danielle Fugere, president of As You Sow, made the following statement:
“We commend Devon for taking the important step of setting a reduction target for methane, a powerful greenhouse gas. Bringing down these operational emissions in the short term is critical. However, these emissions represent just a small portion of the company’s full carbon footprint. Like all other oil and gas companies, Devon must take responsibility for reducing its full emissions, including product emissions, in line with the Paris Agreement. This will position the company to lead in the coming low-carbon energy transition while reducing its impact on the climate.”
Lila Holzman, energy program manager at As You Sow, made the following statement:
“At a time when the Trump administration is actively rolling back protective methane regulations, we applaud Devon for committing to responsibly control its operational methane emissions. Such commitments show that managing methane is cost-effective and the industry norm, highlighting the irrational stance of the current administration on this issue.”
For more information on As You Sow’s work on climate change, click here.
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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building and innovative legal strategies. Click here to see As You Sow’s shareholder resolution tracker.