According to FAO data, the years 2015 to 2020 saw a deforestation rate of 10 million hectares a year. Forests are degraded and the area they cover is reduced for unsustainable farming, illegal logging, unsustainable biomass for energy and building towns. All of these increase mankind's CO2 emissions and seriously reduce the Natural Carbon Sink, while emissions from industry continue to rise.
That is why we have made forest conservation projects one of the pillars of our decarbonization strategy, recognising the important and growing role of Natural Climate Solutions (NCS) in limiting global warming to below 2°C. We are mainly focused on tropical forests, which account for about 45% of the world's forest area and have a high capacity to absorb and store carbon, and on developing countries which are seen as among the most significant at international level when it comes to climate change mitigation strategies.
More broadly, our emissions reduction strategy aims at reaching net zero carbon footprint for Scope 1 and 2 from Upstream activities by 2030 and net zero carbon footprint from all the company’s activities by 2040 and, finally, by 2050, reaching an 80% reduction in net emissions from the entire life-cycle of energy products sold, including scope 1,2 and 3 emissions.
Carbon credits generated by REDD+ projects are then a key lever to compensate the part of residual emissions that are difficult to reduce with current technologies (the so-called hard to abate emissions).