Report: Baker Hughes Achieves Nearly 40% Reduction in Operational Emissions Intensity While Maintaining Profitable Growth
- Company achieved 39.5% reduction in greenhouse gas (GHG) emissions intensity for scopes 1 and 2 from the 2019 base year
- 2024 corporate sustainability report announces 29.3% absolute reductions in scope 1 and 2 GHG emissions from the 2019 baseline
- Continued focus on health and safety; drives 11% decrease in total recordable incident rate; with 206 perfect HSE days.
Baker Hughes (NASDAQ: BKR), an energy technology company, reported a 39.5% reduction in emissions intensity of its scope 1 and 2 GHG emissions from its 2019 baseline in its 2024 corporate sustainability report (CSR), highlighting its commitment to delivering lasting value through sustainability. The company is holding its course on its sustainability commitments, supported by strong corporate governance and a “people first” culture.
“Our ability to drive economic growth and achieve significant emissions reductions underscores our commitment to sustainable energy development – the balance needed to supply the world with the energy it needs today without adversely impacting the abundance and availability of energy tomorrow,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “By focusing on increasing efficiencies and integrating sustainability into our corporate strategy, we also enable our customers to meet their emissions targets.”
“Sustainability continues to be a key competitive advantage for Baker Hughes, helping us deliver long-term value to all of our stakeholders,” said Baker Hughes Chief Sustainability Officer Allyson Anderson Book. “Our 2024 CSR shows how each part of our business has contributed to advancing our sustainability strategy – executed through corporate framework of people, planet, and principles – with a strong alignment to our commercial strategy. As we foster a culture of safety, well-being and belonging, our people remain central contributors to advancing sustainability through initiatives like Carbon Out.”
Key highlights of Baker Hughes’ sustainability performance in 2024 include:
- Delivering emissions reduction with profitable growth: Baker Hughes continues to play a role in addressing climate change by incorporating sustainable practices into its business and helping our customers do the same. The company reported a 39.5% reduction in emissions intensity and a 29.3% absolute reduction in scope 1 and 2 GHG emissions from the 2019 base year.
- Driving sustainability across all stages of products and services: The company reported 79% annual growth in lifecycle analyses (LCAs) of its products and services, providing its customers with transparent emissions data with which they may make informed decisions on reaching their emissions targets. In 2024, 560 LCA assessments were completed using its cutting-edge FastLCA tool, bringing the total to date to nearly 1,000 LCAs for its commercial solutions. This tool also quantifies avoided and removed GHG emissions, which are emissions that can be either avoided or saved through equipment upgrades, equipment servicing, improved efficiency or removed through technologies, essential for furthering lower carbon energy expansion.
- “People first” culture, with corporate responsibility: The company introduced a unified talent strategy to attract, retain and nurture top talent, alongside a "people first" initiative promoting inclusivity and belonging. In 2024, voluntary attrition dropped to 6%. In addition, over 2,000 employees volunteered 44,613 hours to more than 520 charities worldwide demonstrating the company's commitment to giving back to communities.
- Employees’ health and safety remain non-negotiable: Baker Hughes remained vigilant about workplace safety and maintained high standards of health, safety, and environment (HSE), concluding the year with first-ever external assurance of this data. In 2024, the company’s total recordable incident rate decreased by 11% compared to last year, and it achieved 206 Perfect HSE Days.
Baker Hughes continues to make progress toward its net-zero goals and remains transparent in its reporting with two separate reviews of its annual sustainability report, which includes an independent accounting firm. Baker Hughes’ corporate sustainability report is prepared using the Global Reporting Initiative (GRI) standards, and the GHG Protocol as the foundation of our report.
The report is supplemented by detailed indices aligned with the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-related Financial Disclosure (TCFD), and CDP.
As a participant of UN Global Compact Initiative – a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices, Baker Hughes was awarded the Global Impact Award by UN Association of Houston for its unwavering commitment to advancing the UN Sustainable Development Goals.
Learn more about Baker Hughes’ sustainability commitments and performance by accessing the full 2024 Corporate Sustainability Report here.
About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner, and more efficient for people and the planet. Visit us at bakerhughes.com.
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