Shell kicked off 2025 with a solid performance, reporting $5.6 billion in adjusted earnings for Q1. While this marked a 28% decline from the same period last year, mainly due to weaker oil prices and softer refining margins, it was still a big jump from the previous quarter’s $3.7 billion. But how is the oil giant managing its emissions and sustainability target?
Let’s explore…
Shell’s Focused Portfolio and Strategic Moves
Despite market headwinds, the oil major kept its financial footing strong, strengthening its energy portfolio in Q1 2025. The acquisition of Pavilion Energy furthered its global LNG trading and optimization capabilities.
At the same time, Shell exited less strategic assets, including its onshore operations in Nigeria and the Singapore Energy and Chemicals Park. These moves reflect Shell’s strategy to high-grade its portfolio and focus on higher-value assets.
Cash flow from operations came in at $9.3 billion, down from $13.2 billion in Q4 2024, reflecting a $2.7 billion working capital outflow.
Looking ahead, Shell is sticking to its disciplined investment approach with a 2025 capital expenditure plan of $20–22 billion.
Source: Shell
Segment Performance
Integrated Gas and Upstream: Delivered strong earnings, remaining Shell’s top-performing segments.
Chemicals & Products: Returned to profitability after recent struggles.
Renewables & Energy Solutions: Narrowed losses to breakeven, showing signs of improvement from Q4 2024.
Overall, Shell’s Q1 performance shows that it is staying financially disciplined, adapting to market shifts, and keeping investors front and center.
Shell Cuts Emissions, but Net Zero Still a Distant Goal
Energy major shows progress in Scope 1 and 2 emissions, but customer emissions remain stubbornly high.
Source: Shell
Scope 1 and Scope 2 Emissions
Shell’s 2023 Sustainability Report showed measurable progress in cutting emissions from its operations.
It reported 57 million tonnes of CO₂ equivalent in combined Scope 1 and 2 emissions.
It means it’s down 2% from 2022 and 31% lower than its 2016 baseline. This includes emissions from its oil refineries, LNG facilities, and other assets it operates globally.
Shell has committed to reducing 50% of its Scope 1 and 2 emissions by 2030, using 2016 as the baseline. Key actions include shuttering high-emitting sites, improving energy efficiency, and expanding its use of renewable power.
Scope 3 Emissions
Shell’s customer-driven Scope 3 emissions, which account for nearly 90% of Shell’s total carbon footprint, are significantly high. In 2023, these emissions totaled 1,147 million tonnes of CO₂ equivalent, only slightly below 2022 levels.
Last year in March, Shell set a new goal to cut emissions from the use of its oil products by 15–20% by 2030, using 2021 as the baseline. This supports the EU’s Fit for 55 plan and efforts to clean up transport. However, critics say the goal falls short because it excludes emissions from natural gas and LNG.
Other important milestones to reach its net-zero target include:
Eliminate routine flaring of natural gas by 2025 to curb carbon emissions.
Reduce methane emissions intensity below 0.2% and reach near-zero methane emissions by 2030.
From Oil Giant to Clean Energy Player
Shell is reducing its carbon footprint by closing or selling off older, high-emission refineries and oil assets. It’s also upgrading its infrastructure by swapping diesel for electric systems and using smart tools to boost energy efficiency.
Source: Shell
Investing in Solar and Wind
Shell is going big on renewables. It’s installing solar panels and wind turbines across its operations to power sites with clean electricity. In some regions, renewables now meet all their electricity needs, slashing Scope 2 emissions.
From U.S. solar parks to offshore wind farms in Europe, Shell is scaling up its clean energy game. These projects not only cut emissions but also help power green hydrogen production.
Trapping Emissions with CCS
For industries that are hard to decarbonize, like chemicals and refining, Shell is betting on carbon capture and storage (CCS). It’s building large CCS hubs in Europe and North America to trap CO₂ and store it safely underground.
Shell is a key player in Europe’s biggest CCS projects, including Northern Lights (Norway), Porthos (Netherlands), and Acorn (UK). These hubs will store emissions from heavy industry in underground reservoirs.
From Offsets to Removals
Shell has relied on carbon credits in the past, but it’s now pivoting to tech-based removals like direct air capture. These newer methods offer more reliable and permanent carbon removal.
Changing the Fuel Mix
Shell is shifting its product line, too. It’s moving away from oil and focusing more on its low-carbon fuels business, natural gas, biofuels, and hydrogen.
It supported the EU’s renewable hydrogen rules and backed the U.S. Inflation Reduction Act, which funds CCS and clean fuels. Additionally, it is also working with India and Canada to build hydrogen infrastructure and CO₂ transport systems.
In the Netherlands, Shell is building Holland Hydrogen 1, Europe’s largest green hydrogen plant, powered by offshore wind. When it launches in 2025, it could be a blueprint for clean hydrogen at scale.
The Takeaways from Shell’s Sustainability Snapshot:
Increasing the proportion of gas and LNG in hydrocarbon sales
Rising sales of low-carbon fuels, such as biofuels
Growing our power sales, including those of renewable power
Reducing sales of oil products
Developing and deploying more CCS
Using High-quality carbon credits, such as nature-based solutions, to offset remaining carbon emissions.
Shell is moving from being an oil major to an energy transition leader. By cutting emissions, scaling renewables, and pushing new tech like hydrogen and CCS, it’s trying to future-proof its business and the planet.
https://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.png00carbonfundhttps://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.pngcarbonfund2025-05-05 09:12:552025-05-05 09:12:55Shell’s Big Q1 Profit Fuels Net Zero Drive Amid Emissions Challenge
In Q1 2025, TotalEnergies earned $4.2 billion in adjusted net income and $7.0 billion in cash flow from operations. Revenue dropped to $47.89 billion from $51.88 billion a year earlier. However, the company held firm because of strong oil and gas output and steady LNG profits, and more interestingly, its carbon credits investment.
The report revealed that production rose 4% year-over-year, averaging 2.55–2.57 million barrels of oil equivalent per day. New output from Brazil, the U.S., Malaysia, Argentina, and Denmark helped drive this growth. Gas prices stayed high, partly balancing weaker oil prices.
Source: TotalEnergies
Power and LNG Boost TotalEnergies Amid Refining Woes
The LNG business posted $1.3 billion in adjusted net operating income. While LNG trading met expectations, gas trading struggled due to Europe’s volatile markets and geopolitical tensions.
Power operations also grew. The segment generated over $500 million in income and $600 million in cash flow. Key deals, like acquiring Germany’s VSB and investing in battery storage, supported this growth.
Still, downstream operations faced headwinds. Weak refining margins and issues at French and U.S. facilities cut into profits. Petrochemical and biofuel margins in Europe also declined, adding pressure.
TotalEnergies spent $2 million on carbon credits in Q1 2025. That’s double what it spent in Q1 2024. This massive spending aims to cut emissions and reach its net-zero target by 2050.
Robust Backing for Nature-Based Projects
A significant segment of its investment supports nature-based solutions like forest protection, regenerative farming, and wetland conservation. By the end of last year, TotalEnergies had collected 13.7 million verified carbon credits. Each year, the company plans to invest $100 million in carbon projects.
Between 2025 and 2030, TotalEnergies will build a stock of 50 million carbon credits.
These projects can potentially deliver at least 5 million metric tons of CO₂e credits annually by 2030.
From 2030, the company will start using high-quality carbon credits to offset its remaining Scope 1 and 2 emissions.
The aim is to build a strong portfolio of trusted projects that support global rules and ensure the credits are real and long-lasting. Additionally, the company expects these projects to bring long-term environmental and social benefits.
It expects to reach 37 million verified credits by 2030 and 53 million by 2050. These projects could also generate $770 million for local communities.
Source: TotalEnergies
$100 M Deal with Anew Climate and Aurora Sustainable Lands
TotalEnergies signed a $100 million deal with Anew Climate and Aurora Sustainable Lands last year. The project protects 300,000 hectares of forests across 10 U.S. states—Arkansas, Florida, Kentucky, Louisiana, Michigan, Minnesota, New York, Virginia, West Virginia, and Wisconsin.
This partnership supports sustainable forest management and boosts the forests’ ability to absorb carbon. It also helps local communities by improving land use and preventing environmental damage. The carbon credits generated help offset the company’s remaining emissions.
Last year, the LNG giant launched the “Our 5 Levers for Sustainable Change” initiative. The goal was to engage all employees in reducing emissions by boosting energy efficiency and adopting low-carbon technologies across its operations.
GHG Emissions Fell in 2024
The company cut emissions from operated sites by more than 36% in 2024 compared to 2015. Notably, over 200 emission-reduction projects helped slash 1.3 million tons of CO₂e.
However, recently the company raised its 2025 emissions goal to 37 Mt CO₂e per year. It aims to cut net Scope 1+2 emissions by 40% by 2030 (vs. 2015 levels). This also includes using 5 million carbon credits from nature-based projects, as explained before. Subsequently, these offsets will be used only for residual emissions from 2030 and consumed gradually at about 10% per year.
By end-2024, TotalEnergies had invested around $750 million in emissions reduction. These investments save 1.5 Mt CO₂e each year and cut energy costs by over $100 million annually.
Source: TotalEnergies
However, emissions from flexible power generation rose slightly. This happened due to the addition of combined-cycle gas turbines (CCGTs) in the U.S. and U.K., which support TotalEnergies’ low-carbon electricity expansion.
Still, overall emissions dropped 25% from 2015 levels.
The carbon intensity of upstream oil and gas assets also fell from 21 kg CO₂e/boe in 2015 to 17 kg CO₂e/boe in 2024.
All these figures make TotalEnergies one of the top industry performers.
Scope 3 and Scope 4 Emissions
In 2024, TotalEnergies helped reduce global emissions by 65 million tonnes of CO₂e through LNG sales, as many customers replaced coal with gas for power generation. Although gas increases Scope 3 emissions, it enables cleaner energy and avoids more emissions overall. These are classified as Scope 4 emissions.
The company also avoided 18 million tonnes of CO₂e in 2024 and is aiming for 150 million tonnes of emissions by 2030. This makes 90 Mt from LNG and 60 Mt from renewables while keeping Scope 3 emissions below 400 Mt.
Source: TotalEnergies
Methane Emissions Drop Drastically
Methane emissions dropped from 64 kt in 2020 to 29 kt in 2024—a 55% cut. TotalEnergies beat its 2025 target early and now aims for a 60% cut by 2025, and an 80% cut by 2030 compared to 2020.
Source: TotalEnergies
Digital Tools Boost Efficiency
The company is using digital tools to cut emissions smartly. In Exploration & Production, the ForCFR app links carbon forecasts with oil and gas output. In Angola, it helped cut 179 kt CO₂e annually by optimizing well operations.
Another example is: at the Normandy, Donges, and Feyzin refineries, the CarbOptim app tracks energy use in real-time and helps cut steam and energy waste.
2025 Carbon Intensity Reduction Target
TotalEnergies has raised its 2025 carbon intensity reduction target from 15% to 17%, aiming for a 25% emission cut by 2030. That means delivering the same energy with fewer emissions, or more energy with the same carbon footprint. Most of the progress will come from boosting clean electricity, cutting oil use, and growing gas and bioenergy.
Joins Google for Clean Energy
In January 2025, TotalEnergies teamed up with Google Europe to help power its Dutch data centers with 24/7 clean electricity by 2030. They’ll combine Google’s green power deals and add battery storage to handle renewables’ ups and downs. Similar deals are already in place with U.S. tech firms
Switch to Low-Carbon Power by 2025
TotalEnergies aims to power all its refining and chemical sites in Europe and the U.S. with 100% low-carbon electricity by 2025. This target will be achieved through initiatives like the Go Green project in Port Arthur, Texas.
Additionally, last year it achieved 26 GW of gross installed renewable electricity capacity, targeting 35 GW by 2025 and reaching 100 GW by 2030.
With this progress, TotalEnergies plans to become one of the top five global producers of renewable electricity (wind and solar), excluding Chinese companies.
In April 2024, TotalEnergies started the Marsa LNG project in Oman. The plant will run on power from a 300 MW solar farm and emit less than 3 kg CO₂ per barrel of oil equivalent.
Also, the company approved the GranMorgu oil project in Suriname.
This all-electric project will use advanced tech to cut emissions below 16 kg CO₂ per barrel of oil equivalent.
Additionally, it aims to:
Become a key producer of Sustainable Aviation Fuel (SAF), targeting 1.5 million tonnes annually by 2030.
In 2024, the company’s gross biomethane production capacity rose to 1.2 TWh per year
Hydrogen Plans Take Shape
This is part of its long-term plan to decarbonize its operations and energy products.
TotalEnergies is expanding its clean hydrogen portfolio with multiple projects across Europe. In France, it’s building biohydrogen units at La Mède and Grandpuits refineries with Air Liquide, targeting annual CO₂ cuts of 130,000 and 150,000 tonnes respectively.
In the Netherlands, a 250 MW offshore wind-powered electrolyser in Zeeland will supply 30,000 tonnes of green hydrogen from 2029, reducing refinery emissions by 300,000 tonnes yearly.
Furthermore, tolling agreements in Belgium and France will see Air Liquide operate electrolysers in Antwerp (130 MW) and Normandy (100 MW), each producing 15,000 tonnes of hydrogen annually and cutting 150,000 tonnes of CO₂ per site by 2027.
Despite market challenges, TotalEnergies continues to invest in clean energy and climate action. Its rising carbon credit purchases highlight how big energy players are using voluntary carbon markets to decarbonize. Thus, its role for a lower-carbon future is of utmost significance.
The voluntary carbon market (VCM) is growing quickly as companies and project developers look for new ways to support climate action. Northern Trust recently partnered with the Ecosystem Certification Organisation (ECO). This partnership aims to simplify the management of digital carbon credits and will also make the process more transparent and secure.
A Forest-Friendly Deal Takes Root
Northern Trust, a global wealth and asset management firm, has signed a deal with ECO, a UK-based company. They will manage digital carbon credits that are certified under the Natural Forest Standard (NFS).
Under this deal, Northern Trust will provide recordation, settlement, and custodial services for carbon credit units issued through NFS-certified projects.
The Natural Forest Standard backs big natural forestry projects. These projects help stop deforestation and keep forests healthy. It credits projects for their carbon benefits. It also recognizes their positive effects on biodiversity and local communities.
Source: NFS
ECO oversees the NFS by working with project developers from start to finish. That means from project implementation to the issuance of carbon credits.
ECO is outsourcing its recordation and settlement services to Northern Trust. This move aims to boost independence between the standard’s governance and the registry’s operations. This move helps ensure transparency and builds trust in the voluntary carbon market.
How the Natural Forest Standard Works
The NFS’s goal is to support forestry projects in the voluntary carbon market. It focuses on projects that avoid deforestation and degradation in large natural forests. These projects can earn carbon credits. They do this by showing clear benefits for carbon storage, biodiversity, and local communities.
ECO plays a key role in making sure projects using the NFS methodology follow clear and credible processes. It guides developers through every step — from setting up projects to verifying results and issuing credits.
The credits NFS generated are known as Natural Capital Credits.
Each NCC shows that 1 metric tonne of carbon dioxide equivalent (CO₂e) emissions has been avoided by an NFS project. These projects also help protect wildlife and support local communities in a fair and responsible way.
NCCs are special to the NFS and can only be created through the NFS Crediting Program. Once issued, the credits are recorded in the NFS Registry, where they can be held, traded, or permanently retired.
Source: NFS
These credits are valuable in the VCM because they offer more than just carbon reductions. They provide broader environmental and social benefits. This makes them appealing to companies and investors who want to back nature-based solutions.
Northern Trust Steps In: The Digital Backbone
Northern Trust will now handle the back-end services needed to track and manage these credits, which include:
Recording all issued credits,
Processing transfers,
Settling transactions, and
Providing custodial services for the digital assets.
To do this, Northern Trust will use its Carbon Ecosystem™, a digital platform launched in 2024. The platform supports the full lifecycle of digital voluntary carbon credits — from asset creation and trading to custody and reporting. It runs on Northern Trust Matrix Zenith™, a tool for digital asset services. It handles important tasks like trading, pricing, and reporting for digital assets.
By providing these services, Northern Trust helps ECO focus on its main task: supporting project developers and maintaining the integrity of the Natural Forest Standard.
Victoria Kelly, Director at ECO, said the appointment of Northern Trust will ensure transparency and traceability for all credits issued, noting:
“Appointing The Northern Trust Carbon Ecosystem to administer the Natural Capital Credits will provide full lifecycle management of all digital carbon credits today and in the future, ensuring transparency and traceability for all Natural Capital Credits issued to projects verified under the Natural Forest Standard.”
What This Deal Means for the Voluntary Carbon Market
The VCM allows companies to buy carbon credits to offset their greenhouse gas emissions. In 2024, about 180 million credits were retired or used to offset emissions, as seen in the chart below. Nature-based projects are those in green bars, e.g., REDD+.
As the market grows, buyers and sellers want better safeguards. They need clear governance and trustworthy systems for managing carbon credits.
ECO and Northern Trust are addressing these concerns by separating governance from registry operations. Northern Trust ensures the accurate recording of NFS carbon credit transactions. They also make sure ownership is clearly documented. This builds confidence among market participants and helps the market mature.
Justin Chapman, Group Head of Strategic Partnerships, Digital Assets and Financial Markets at Northern Trust, shared the following insights with the CarbonCredits.com team:
Q: How does Northern Trust’s digital platform, the Carbon Ecosystem, improve transparency and efficiency compared to traditional carbon credit registries?
A: The Northern Trust Carbon Ecosystem provides convenient access for project developers and buyers to connect directly to explore, transact and retire voluntary carbon credits, allowing all actors to know who they are engaging with and for what reason.
Users can manage their carbon credit inventory, while project developers see who bought each credit and its status. Digital records add details like verification date, location, and risk measures (insurance or warranties). This makes it easier to match credits to buyers’ needs and ensures clear, transparent transactions.
Once transaction terms are agreed, a purchase and sale agreement is completed through The Northern Trust Carbon Ecosystem with the movement of carbon credits and cash automatically managed in accordance with the agreement. This increases efficiency while reducing transaction risk as the project developer receives funds just before the credits are delivered to the buyer, through a delivery vs. payment settlement process.
Q: In what ways do you see Northern Trust’s role supporting the growth and credibility of the voluntary carbon market over the next five years?
A: Northern Trust, as a leading global bank and asset servicing provider, applies financial rigor to the voluntary carbon market by providing independent infrastructure, registry, and settlement. As evidenced by our agreement with ECO, separating the role of the standards body from the registry helps remove potential conflicts of interest. The segregation of duties makes for a more efficient, transparent VCM with greater trust and aligns closer to solutions seen in other financial services models.
The Northern Trust Carbon Ecosystem construct has been built for the future, defining a suitable regulatory construct, asset definition and legal framework. Each digital voluntary carbon credit is deemed to be an intangible commodity, hence can be treated as a financial asset, allowing Northern Trust to act as a Designated Custodian of each credit on the ecosystem and provide the opportunity for credits to be considered for potential project financing opportunities.
Northern Trust adds credibility and strength, thanks to its long history in asset servicing. As of March 31, 2025, Northern Trust had $16.9 trillion in assets under custody and administration and $1.6 trillion in assets under management.
Clearing the Path for Future Climate Solutions
The partnership between Northern Trust and ECO is a key move to enhance the VCM’s infrastructure. By combining ECO’s expertise in forestry project standards with Northern Trust’s digital asset management capabilities, the two organizations aim to make carbon credit transactions smoother, safer, and more transparent.
Their teamwork might also inspire other standards groups and service providers in the voluntary carbon market. As companies worldwide look for ways to meet their climate goals, trust and clarity in carbon credit systems will become even more important.
Meta started 2025 with a bang! It reported soaring profits, strong ad sales, and rising daily users. While the tech giant crushed Wall Street expectations, it also ramped up climate action with bold investments in clean energy, carbon removal, and green data centers.
Top Revenue Drivers of Meta’s Q1 Growth
Revenue reached $42.31 billion, up 16% from last year. Net income was $16.64 billion, a 35% increase. Earnings per share rose to $6.43, up 37%. The operating margin improved to 41%, compared to 38% in Q1 2024Advertising remained the main driver, contributing $41.39 billion to the total revenue
Advertising brought in $41.39 billion, making up most of the total revenue.
Explaining further, Meta’s growth came mainly from strong ad sales on Facebook and Instagram, even with global economic concerns. The company improved its profit margins by keeping costs under control.
It also raised its yearly spending budget to as much as $72 billion, focusing on building more AI data centers. Daily active users across all Meta platforms reached 3.43 billion, growing 6% year-over-year.
Revenue from the U.S. and Canada totaled $18.61 billion. Europe contributed to $9.68 billion, followed by $8.44 billion from Asia-Pacific, and $5.59 billion from the rest of the world.
After Meta shared its earnings, the company’s stock went up by over 4%. For the second quarter of 2025, Meta expects revenue between $42.5 billion and $45.5 billion.
Source: Meta
The Future is Meta
Meta is building the future of online connection using AI and new digital technology. Since Facebook started in 2004, it has helped billions of people stay in touch through apps like Instagram, Messenger, and WhatsApp. Now, Meta is going beyond traditional screens to create deeper and more engaging digital experiences.
Mark Zuckerberg, Meta founder and CEO said,
“We’ve had a strong start to an important year, our community continues to grow and our business is performing very well. We’re making good progress on AI glasses and Meta AI, which now has almost 1 billion monthly actives.”
As per its latest sustainability report, in 2023, Meta’s net emissions equaled 7.4 million metric tons of CO2. Key commitments include:
Reducing Scope 1 and 2 emissions by 42% by 2031, compared to a 2021 baseline, and ensuring that maximum suppliers adopt science-aligned GHG reduction targets by 2026.
Keep Scope 3 emissions at or below 2021 levels by 2031.
Since 2020, Meta has successfully maintained net-zero emissions in its operations, and it is on track to achieve net-zero across its entire value chain by 2030.
To address residual emissions, Meta is investing in both nature-based and technological carbon removal projects. These help mitigate climate change and provide broader environmental benefits, including enhanced biodiversity.
Scaling Renewable Energy
Renewable energy has played a pivotal role in Meta’s emissions reduction strategy.
In 2023 alone, the company’s renewable energy initiatives helped cut operational emissions by 5.1 million tons of CO2e, while value chain emissions were reduced by 1.4 million tons of CO2e.
Through strategic partnerships with utilities such as Pacific Power and Dominion Energy, Meta has facilitated the addition of 2,600 MW of new wind and solar capacity in the U.S., making clean energy more accessible.
As of 2023, Meta’s global renewable energy portfolio exceeded 11,700 MW, with over 6,700 MW of that capacity online in the U.S.
Since 2021, its renewable energy efforts have reduced a total of 16.4 million tons of CO2e across operations and the value chain.
Meta also uses “green tariffs”, which allow the company to purchase renewable energy directly from electricity providers. This not only supports clean energy projects but also increases the accessibility of renewable resources to a wider customer base.
Making Data Centers Green
Meta’s data center facilities have achieved LEED Gold Certification or higher and are powered by 100% renewable energy to meet their electricity needs.
In addition, 91% of the construction waste generated by Meta’s data centers was recycled in 2023. Additionally, it reduces embedded carbon by extending hardware lifespan and using recycled plastics and metals, promoting a circular model to cut waste and carbon impact.
Meta is reducing diesel use at its data centers. First, it improved the maintenance of backup generators, which cut fuel consumption. Then, it began testing hydrotreated vegetable oil (HVO) at its Clonee, Ireland, facility. Made from renewable sources, HVO can lower emissions by 40–85%. If the pilot succeeds, Meta plans to expand its use across more sites.
Meta is boosting the carbon removal market by supporting projects that help both the planet and local communities. One such step is the deal with Catona Climate to buy 6.75 million metric tons of carbon removal credits from nature-based solutions to be delivered between 2027 and 2035.
Its Symbiosis Coalition with other companies supporting new and growing carbon removal technologies.
Liverpool Football Club (LFC) has claimed the English Premier League (EPL) title for the 2024-25 season, continuing its impressive form on the field. Off the pitch, the club is also making waves as a leader in sustainability efforts, positioning itself as one of the greenest football clubs in Europe.
As fans cheer their goals and victories, the club is also scoring major points in its mission to cut carbon emissions and adopt environmentally friendly practices. Through ‘The Red Way‘ strategy, Liverpool aims to reduce its environmental footprint and set new standards for sustainability in the world of elite football.
The Red Way: Liverpool’s Blueprint for Sustainability
Liverpool FC’s journey to sustainability officially began in 2021 with the launch of The Red Way. It is the club’s award-winning strategy to minimize its environmental impact.
The plan focuses on three pillars: people, planet, and communities. It aligns with 16 of the 17 United Nations Sustainable Development Goals. On the environmental front, Liverpool has set clear targets:
Halve operational carbon emissions by 2030
Achieve net zero by 2040
Achieve carbon neutrality in merchandising by 2030
Source: Liverpool FC
In its 2023–24 Red Way report, the club outlined key achievements:
Overall carbon emissions fell 12.5% compared to 2022–23
A 15% reduction in emissions from its 2019–20 baseline
In transportation, LFC invested in Sustainable Aviation Fuel to eliminate all emissions from domestic flights. Its team buses are powered by Hydrotreated Vegetable Oil, cutting emissions by up to 90% compared to diesel.
The club worked on biodiversity and planted over 1,000 trees and hedges. They also added honeybee habitats with 60,000 bees. Plus, they grew half a tonne of food for their kitchens.
The legendary Anfield pitch is now fully recyclable. Old turf is repurposed into benches and other materials for community projects like the orchard at the AXA Training Centre.
Source: Shutterstock
The club’s operations have been recognized through ISO certifications:
ISO20121 (sustainability management)
ISO45001 (health and safety)
ISO50001 (energy management)
Liverpool has committed to global efforts by signing the UN Sports for Climate Action Framework and the UN’s Race to Zero. They pledge to cut emissions in half by 2030 and aim for net zero “as soon as possible.”
A Game-Changing Collaboration: Direct Air Capture with 1PointFive
In 2025, Liverpool strengthened its sustainability efforts. It partnered with 1PointFive, a subsidiary of Occidental that focuses on Direct Air Capture (DAC) technology.
Under this collaboration, LFC calculates the carbon footprint of its merchandise — from production to delivery — and purchases carbon dioxide removal (CDR) credits to offset those emissions.
DAC is a cutting-edge solution that removes CO₂ directly from the atmosphere. Liverpool’s purchased credits are tied to STRATOS. This facility will be the largest DAC in the world that can capture 500,000 tonnes of CO₂ each year.
According to LFC Chief Commercial Officer Ben Latty:
“Sustainability is at the heart of everything we do at the club. Through The Red Way, we are dedicated to reducing our carbon footprint and driving positive change for our people, planet, and communities.”
This innovative step positions Liverpool as one of the first clubs to embed carbon removal directly into fan merchandise. Beyond offsetting, it also encourages supporters to make carbon-conscious choices, deepening fan engagement on climate action.
How Liverpool Compares: Sustainability Efforts of Rival Clubs
Liverpool FC is seen as one of the leaders in football when it comes to protecting the environment. But Liverpool is not alone. Two of its biggest Premier League rivals, Manchester City and Arsenal, are also working hard to make their clubs more environmentally friendly.
Manchester City’s Sustainability Initiatives
Manchester City has added many green actions to its Etihad Campus. Like Liverpool, it signed the UN Sports for Climate Action Framework and promised to reach net-zero emissions by 2030.
The club uses 100% renewable electricity in its stadium and buildings. It has installed over 10,000 solar panels at the City Football Academy and the Joie Stadium. Man City is also strong in waste management. It sends zero waste to landfills and recycles over 90% of waste on matchdays.
To cut travel emissions, the club encourages fans to take public transport or bike to games. The club’s buildings use energy-saving lights and water-saving systems. In 2023, Manchester City won the Sustainability Team of the Year award at the Football Business Awards for all these efforts.
Arsenal FC’s Green Efforts
Arsenal FC is another club known for its green leadership. It was the first Premier League club to put in a large battery storage system at its Emirates Stadium. This system stores extra renewable energy for later use.
The club aims to reach net-zero emissions by 2040. It has an interim goal of reducing Scope 1 and 3 emissions by 42% and Scope 3 emissions intensity by 52% by 2030, versus 2021 levels.
Like Manchester City, Arsenal uses 100% renewable electricity to power its Emirates Stadium and low-carbon gas to lower emissions. It has installed a 3MW battery storage system.
The club has cut down on single-use plastics in food stands, drink areas, and its shops. It also runs projects like tree planting and wildlife protection to help nature near the club.
Between 2019 and 2023, Arsenal cut its operational emissions by 20%. It signed the UN Sports for Climate Action Framework too. Through its “Arsenal for Change” campaign, the club encourages fans to take part in environmental activities.
All three clubs show a strong commitment to protecting the environment. Liverpool stands out because it uses carbon removal technology in its merchandise and leads in biodiversity work. Manchester City is strongest in waste management, while Arsenal leads in energy storage and community nature projects.
Overall, here is how the three Premier League clubs compare in terms of the following environmental metrics.
Source: Clubs Report
A Growing Collective Responsibility in Football
Liverpool, Manchester City, and Arsenal’s initiatives reflect a larger shift: elite football clubs are starting to recognize their role in fighting climate change.
Beyond clubs, fans, governing bodies, and sponsors are pushing for greener practices. The Premier League launched a Sustainability Strategy in 2023 and recently published an update. This plan urges all 20 clubs to cut emissions, reduce waste, and engage with communities.
Source: Premier League Report
The Sports Positive League Table ranks Premier League clubs based on sustainability. It helps set standards and boosts competition in ESG practices. Liverpool has consistently ranked in the top three, alongside Arsenal and Manchester City.
Beyond the Premier League, the push for greater environmental responsibility in football is becoming a global movement. Clubs worldwide are stepping up. They aim to cut emissions, reduce waste, and support sustainable practices on and off the field.
In Germany, VfL Wolfsburg stands out as a leader in sustainable football. The club, owned by Volkswagen, has been carbon neutral since 2012. This makes it one of the first in European sports to adopt large-scale environmental initiatives.
Wolfsburg uses 100% renewable energy, and they harvest rainwater to irrigate the pitch. The club also offers eco-friendly transport for fans and staff.
In the Netherlands, Ajax Amsterdam has embraced renewable energy and circular economy principles. The Johan Cruijff Arena is Ajax’s home stadium. It uses solar panels, wind energy, and a 3-megawatt battery storage system. This system is one of the largest in Europe and runs on recycled Nissan Leaf car batteries.
The arena’s green design includes LED lights, water-saving tech, and waste separation systems. These features help cut down the environmental impact of major sports events.
Moving to North America, Seattle Sounders FC in Major League Soccer (MLS) has made strong commitments to sustainability. The club offsets travel emissions for the team. It also promotes zero-waste matchdays at Lumen Field. Plus, it partners with local groups for urban reforestation and community solar projects.
Sounders FC helped start MLS WORKS Greener Goals. This league-wide initiative focuses on making American soccer more environmentally friendly.
Even smaller clubs are stepping up. In England’s League Two, Forest Green Rovers has been widely praised as “the greenest football club in the world”. The club has set a global standard for sustainable sports infrastructure. Their fully vegan stadium menu, organic pitch, and solar-powered stadium lead the way.
These examples show that Liverpool, Manchester City, and Arsenal are part of a much broader shift. More clubs are using new solutions and sharing best practices. This helps football make a bigger impact on climate action.
A New Competition Off the Field
As Liverpool FC chases silverware on the pitch, it is also chasing leadership in sustainability off it. With bold targets, innovative partnerships, and award-winning initiatives under The Red Way, the club is setting standards that go beyond football. And as its Premier League rivals also raise their ESG ambitions, the competition for sustainability leadership is only set to grow.
Winning matches is important. But setting a strong example in the fight against climate change? That could be one of the most meaningful goals of all.
https://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.png00carbonfundhttps://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.pngcarbonfund2025-05-03 19:26:462025-05-03 19:26:46Liverpool FC’s Biggest Goal Yet: Leading Soccer’s Race to Net Zero
Spotify, the world’s largest audio streaming platform, recently shared its financial results for the first quarter of 2025. Alongside its business growth, the company continues to make progress on its environmental goals.
This article reviews Spotify’s recent financial performance and highlights its actions to reduce carbon emissions toward net zero and tackle climate change.
Spotify Hits the High Notes in Q1 2025
Spotify delivered solid results in the first three months of 2025. The company’s revenue grew 15% year-over-year, reaching €4.190 billion (~$4.52 billion USD).
Subscription revenue made up most of this amount, rising 16% to €3.771 billion. Meanwhile, ad-supported revenue grew 8% to €419 million. This marks steady growth in both user subscriptions and the advertising business.
Source: Spotify report
The platform now has 678 million monthly active users (MAUs), up 10% from a year ago. Of these, 268 million are premium subscribers, showing a 12% increase. Spotify’s growth is driven by higher user engagement, expanding content offerings, and stronger advertiser demand.
Spotify also saw an improvement in profitability. Its gross margin rose to 31.6%, up from 27.6% last year. The company reported €509 million in operating income, a 203% increase from the previous year. Spotify credited efficiency efforts and lower marketing costs for this positive shift.
Looking ahead, Spotify forecasts MAUs to reach 689 million and premium subscribers to hit 273 million by the end of Q2 2025. The company expects Q2 revenue to be about €4.1 billion (~$4.43 billion USD) and aims for continued margin improvement.
Spotify’s Net Zero and Climate Goals
While Spotify is focused on business growth, it also works to reduce its environmental footprint. The company has set a target to achieve net-zero greenhouse gas (GHG) emissions by 2030. This commitment covers emissions from Spotify’s operations (Scope 1 and 2) and its value chain (Scope 3).
Spotify’s climate strategy has three main parts: reducing emissions, using renewable energy, and supporting carbon removal.
About 98% of these emissions came from its value chain — mostly from cloud services, advertising, marketing, and commuting. Only 2% came from direct operations like office energy use.
Source: Spotify
To reduce emissions, Spotify focuses on:
Optimizing its use of cloud computing services to lower energy demand
Reducing the impact of corporate travel and in-person events
Engaging suppliers to encourage lower-carbon practices
Improving energy efficiency at offices and data centers
Spotify aims to cut its Scope 1, 2, and 3 emissions by 50% by 2030 compared to a 2020 baseline.
For example, Spotify is working closely with major cloud providers to ensure their data centers use renewable energy. Streaming services rely heavily on data centers, so making this shift is key to cutting overall emissions.
Spotify also encourages advertising and content partners to measure and reduce their own footprints, helping reduce indirect impacts.
Streaming on Sunshine: 100% Renewables
The streaming giant powers 100% of its direct operations with renewable electricity. This means all offices, owned equipment, and data center activities under Spotify’s control use renewable energy. The company buys renewable energy credits (RECs) to match its electricity consumption in all locations.
Spotify also pushes for more renewable energy in the cloud services it uses. For instance, by working with cloud providers that are shifting toward wind and solar power, Spotify ensures that the infrastructure behind music streaming stays green.
In addition to electricity, Spotify continues to assess ways to lower emissions from heating, cooling, and commuting at its offices worldwide. Its goal is to use energy smartly at every level of the business.
Balancing the Beat with Carbon Removal
Even with the best efforts to cut emissions, Spotify knows that some emissions are hard to eliminate. To balance these unavoidable emissions, the company supports high-quality carbon removal projects. This is a key part of Spotify’s strategy of reaching net zero.
The streaming firm has bought verified carbon credits to offset part of its footprint, but it’s now focusing on carbon removals rather than offsets. The company carefully selects carbon removal projects that meet strict standards for durability, transparency, and independent verification.
Spotify invests in a mix of nature-based and technology-based carbon removal methods. The variety of these projects includes reforestation and afforestation projects that plant and maintain forests to absorb CO₂ from the air.
Additionally, Spotify looks for carbon removal projects that bring co-benefits. These include protecting biodiversity, supporting local communities, and improving air and water quality. This aligns with Spotify’s broader values around social impact and equity.
Keeping It Transparent: Reporting and Accountability
Spotify follows leading climate reporting frameworks. It aligns its disclosures with the Greenhouse Gas Protocol and uses third-party verification for its emissions data. The company also reports through CDP (formerly Carbon Disclosure Project) and supports the Science Based Targets initiative (SBTi).
Spotify’s annual Equity and Impact Report shares updates on climate goals, emissions data, and progress on key actions. Transparency is a central part of the company’s sustainability approach.
The Climate Champions Network
Spotify runs an internal Climate Champions network made up of employees who help reduce the company’s impact on the environment. These Climate Champions work in different ways. Some join formal working groups and leadership circles, while others are part of smaller project teams that create and lead grassroots projects.
Their main goal is to encourage their coworkers to make choices that are better for the climate. Climate Champions from different parts of the company meet regularly to share ideas, experiences, and tips that help everyone improve their climate efforts.
Encore: Profits and Planet in Harmony
Spotify acknowledges challenges in reaching net zero. Much of its emissions come from areas it does not directly control, such as cloud providers and advertising partners. Reducing these Scope 3 emissions requires strong collaboration across the value chain.
Another challenge is measuring the emissions tied to users streaming audio content. While user listening itself has a small footprint, the data storage and transfer behind it can be energy-intensive. Spotify is exploring ways to better understand and lower these indirect impacts.
Looking forward, Spotify will continue to:
Engage suppliers and partners to improve sustainability practices
Invest in new carbon removal technologies and scale nature-based projects
Increase renewable energy use throughout its cloud supply chain
Develop better tools to track and manage emissions from streaming activity
Share regular updates on progress toward its 2030 net-zero goal
Spotify’s Q1 2025 results show strong financial performance, with rising users, revenue, and profitability. At the same time, the company stays committed to cutting carbon emissions and advancing climate action. By focusing on clean energy, reducing value chain emissions, and supporting carbon removal, Spotify aims to align its business with a sustainable future.
https://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.png00carbonfundhttps://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.pngcarbonfund2025-05-01 15:13:372025-05-01 15:13:37Spotify Strikes a Chord: Big Q1 Gains and Bigger Climate Goals
Chestnut Carbon, a New York-based developer of nature-based carbon removal credits, has completed its third tree-planting season since launching in 2022. The company has now planted more than 17 million trees across 30,000+ acres of previously unused or marginal land in the Southeastern United States.
Chestnut Carbon Grows the Largest Afforestation Project in the U.S.
With a stronghold in states like Arkansas, Mississippi, Alabama, Louisiana, Texas, and Oklahoma, the Chestnut Sustainable Restoration Project has already grown to cover over twice the size of Manhattan.
It is now the largest U.S.-based afforestation project listed on the Gold Standard®
Sarah Ford, Chief Forestry Officer at Chestnut, expressed excitement by noting,
“We’re very pleased to continue the consistent planting and growth of the Chestnut Restoration Project. 30,000 acres planted is a significant step towards our goal of reforesting hundreds of thousands of acres by 2030, and this milestone highlights our commitment to revitalizing underperforming land with a long-term vision for environmental stewardship and community well-being.”
Chestnut’s Sustainable Restoration Project: Snapshot of Land Parcels
Source: Chestnut Carbon
Turning Land Into a Carbon Goldmine
Chestnut Carbon began planting trees on unused farmland and pasture to capture and store carbon. The company distinguishes itself with these:
Land Acquisition: Chestnut has acquired more than 35,000 acres in six U.S. states. These include Arkansas, Louisiana, Alabama, Mississippi, Oklahoma, and Texas.
Gold Standard® Verified Carbon Credits: These credits meet strict quality and integrity standards. This makes them appealing to companies focused on sustainability.
Chestnut uses special data tools and growth models. These help improve forest development and capture carbon effectively.
Long-Term Sustainability: The company aims to create lasting, strong forests. These forests do more than store carbon. They also help restore soil, retain water, and protect biodiversity.
Building Native Forests That Last for a Lifetime
They are pioneering a strong focus on creating healthy and long-lasting native forests. Notably, it follows the Forest Stewardship Council (FSC) standards for responsible forest management.
It’s the first U.S.-based afforestation project to be verified under FSC’s Verified Impact program for Biodiversity Conservation.
By planting various native tree species, Chestnut Carbon is reviving the underused land. These new forests do a lot more than store carbon. They help clean the air and water and provide safe habitats for local wildlife.
The Demand for Nature-Based Carbon Removal is High
Nature-based carbon removal is becoming a powerful tool in the fight against climate change. Planting new forests or afforestation and restoring old ones (reforestation) are key parts of this effort. And the market for these carbon credits is growing fast.
According to McKinsey, the demand for voluntary carbon credits could reach 1.5 to 2 gigatons per year by 2030. Nature-based solutions are expected to meet a big part of that demand.
Experts also believe the global carbon credit market could be worth $100 billion by 2030 and grow to $250 billion by 2050. Nature-based projects will play a major role in this growth.
Carbon Credits with Credibility: Chestnut Carbon’s Gold Standard Journey
With support from energy-focused investor Kimmeridge, Chestnut Carbon creates high-quality forest carbon offsets in the U.S.
Subsequently, it’s undergoing a strict certification process under the Gold Standard to produce verified carbon credits. These credits will be sold to companies focused on cutting emissions and reaching their net-zero targets.
According to Margaret Kim, CEO of Gold Standard.
“This milestone is a fantastic illustration of how the carbon market can deliver for nature. Forestry and other land use projects have a critical role to play in delivering high-integrity carbon removals while restoring ecosystems and supporting communities. At Gold Standard, we are committed to enabling projects that not only contribute to global climate goals but also drive tangible and verified impact for people and nature.”
In central Arkansas, Chestnut manages nearly 4,000 acres. To boost the local economy, it has joined the Morrilton Chamber of Commerce and the Conway County Economic Development Corporation. Additionally, ArborGen Nursery supplies seedlings, and DDK Forestry & Real Estate offers expert advice for these projects.
The 7MT Carbon Credit Deal with Microsoft
Chestnut’s high-quality offsets have attracted major corporate buyers. The company secured a 25-year agreement with Microsoft to deliver nearly 8 million tonnes of carbon removal, which is the largest deal in the U.S.
It also partnered with the Mercedes-AMG PETRONAS Formula One Team, reflecting the growing demand for credible nature-based carbon solutions.
https://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.png00carbonfundhttps://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.pngcarbonfund2025-05-01 14:14:352025-05-01 14:14:35Chestnut Carbon Scales Up Nature-Based Carbon Removal with Largest Afforestation Project in the U.S.
The telecommunications sector is growing fast as demand for faster networks and greener operations rises. Telecom giants like Verizon, AT&T, and T-Mobile are competing for market share while also racing toward their net-zero and sustainability goals. They are facing pressure to balance business growth with environmental responsibility.
This article looks at each company’s financial results for Q1 2025. It also highlights their progress towards net-zero and their efforts to reduce environmental impact.
Verizon: Strong Financials and Focused Sustainability Goals
Wireless Service Revenue: $20.8 billion (2.7% increase year-over-year)
Steady Revenue Growth and Operational Efficiency
Verizon posted a solid financial performance in Q1 2025, with revenues of $33.5 billion, marking a 1.5% year-over-year growth. This growth came mainly from the wireless segment. Wireless service revenue grew by 2.7%, hitting $20.8 billion.
The company’s net income also grew to $5.0 billion, compared to $4.7 billion in Q1 2024, reflecting a steady increase in profitability. Verizon’s adjusted earnings hit $12.6 billion. This is a 4% rise from last year. It shows how well the company controls costs and runs operations efficiently.
Source: AlphaStreet
Verizon continues to show growth in its wireless business, with notable increases in its total customer base. The company focuses on 5G technology. Its strong position in the U.S. wireless market sets it up for more revenue growth.
The telecom’s strong finances let it reinvest in its infrastructure, innovation, and sustainability efforts.
Scaling Up Renewable Energy and Emission Reductions
Verizon aims for net-zero greenhouse gas (GHG) emissions by 2050. This goal matches the Science-Based Targets initiative (SBTi). The company has already made significant strides in reducing its carbon footprint.
By the end of 2023, Verizon had reduced its Scope 1 and 2 GHG emissions by 44%and its Scope 3 emissions by 20% compared to a 2019 baseline. These cuts come from Verizon’s energy efficiency programs. They also result from investments in renewable energy and efforts to engage the supply chain.
Source: Verizon ESG Report
Verizon’s renewable energy commitments are particularly ambitious. The company has signed 28 renewable energy purchase agreements (REPAs). These agreements will provide about 3.6 gigawatts of expected generating capacity.
Verizon’s renewable energy target aims for 50% of its energy consumption to be sourced from renewable sources by 2025 and 100% by 2030.
The telecom giant’s energy-saving efforts have modernized data centers and network systems. Since 2018, this has helped avoid over 93 million metric tons of CO₂e.
The company supports its efforts by focusing on sustainable products. It also helps industries use renewable energy. Other major sustainability and net-zero initiatives of this telecom titan include:
Green Bond Financing: Verizon was the first U.S. telecom company to issue green bonds, raising $6 billion to fund renewable energy projects, energy efficiency improvements, and other sustainability initiatives.
E-Waste Recycling and Circular Economy: In 2023, Verizon reused or recycled nearly 47 million pounds of electronic waste, including 1.3 million pounds of plastic and 1.9 million pounds of lead-acid batteries.The company strives to divert 100% of e-waste from landfills through reuse and responsible recycling.
Tree Planting Initiative: As part of its environmental stewardship, Verizon has committed to planting 20 million trees worldwide by 2030.
AT&T: Robust Financials and Growing Sustainability Efforts
AT&T showed strong financial results for Q1 2025, with total revenues reaching $30.63 billion, a 2% increase year-over-year. This growth was driven by the success of its wireless and fiber broadband offerings.
Postpaid phone net additions hit 324,000. Fiber subscriber additions reached 261,000, which shows strong customer demand. The company’s net income for the quarter was $4.7 billion, up from $3.39 billion in the same period last year, indicating improved profitability. AT&T’s adjusted earnings also saw a healthy increase of 4.4% year-over-year, reaching $11.5 billion.
Chart Source: AlphaStreet
AT&T’s growth in fiber and wireless customers shows it can grow its market share. This happens even in a tough, competitive market. The company continues to focus on broadband and 5G growth as key drivers of its future performance.
AT&T aims to keep its momentum going. Its investments in 5G, fiber optics, and upgrading the network should help boost financial growth in the next few quarters.
Targeting Carbon Neutrality with Supplier and Customer Engagement
AT&T’s commitment to sustainability is evident in its goal to achieve carbon neutrality across its global operations by 2035. To date, the company has reduced its Scope 1 and 2 emissions by nearly 52% from a 2015 baseline.
AT&T’s science-based targets aim to reduce these emissions by 63% by 2030.
Source: AT&T Report
The company aims for 50% of its suppliers to set science-based GHG reduction targets by 2024. By the end of 2023, 55% of them had already done this.
AT&T’s renewable energy efforts have been a critical component of its sustainability strategy. As of 2023, the company sourced 25.7% of its electricity from renewable energy, up from 20% in the previous year.
The telecom titan has made great strides in its Connected Climate Initiative. This program helps business customers lower their carbon footprint. This initiative has helped avoid 227.2 million metric tons of CO₂e by the end of 2024 (or 38.9 million metric tons of CO₂e for that year). The long-term goal is to cut 1 gigaton (or 1 billion metric tons) of CO₂e by 2035.
Source: AT&T
AT&T is also investing in sustainable products and services. This includes energy-efficient data centers and energy-saving solutions for customers.
In 2024, AT&T agreed to purchase carbon dioxide removal credits from 1PointFive, the carbon capture unit of Occidental Petroleum.These credits will come from 1PointFive’s Stratos direct air capture facility. The plant could capture up to 500,000 metric tons of CO₂ annually when operational.
The telecom giant also has the following net-zero efforts:
Energy Efficiency and Network Optimization: The company drives operational and network energy efficiencies by updating systems and decommissioning obsolete assets to reduce annual energy consumption.
Low-Carbon Fleet Transition: AT&T aims to reduce fleet emissions by at least 76% by 2035, investing in electric vehicles (EVs) and the necessary infrastructure to support them.
T-Mobile: Impressive Financials and Industry-Leading ESG Initiatives
Net Income: $3.0 billion (24% increase year-over-year)
Adjusted earnings: $8.26 billion (up from $7.65 billion in Q1 2024)
Leads in Revenue Growth and Customer Additions
T-Mobile is doing well financially. For Q1 2025, they reported revenues of $20.89 billion. This is a 6.6% rise compared to last year. Net income surged 24%, reaching $3.0 billion, driven by strong operational performance.
The company also saw a 29% increase in earnings per share (EPS), which reached $2.58 for the quarter. T-Mobile added 495,000 postpaid phone customers, further bolstering its market position.
The company’s adjusted earnings were $8.26 billion, up from $7.65 billion in Q1 2024. This shows its strong financial health and skill in managing costs while also investing in growth.
Chart from Nasdaq
T-Mobile’s success comes from its strong leadership in wireless. It focuses on growing its 5G network. The company can attract and keep customers, especially in postpaid and fiber broadband, which helps it succeed in the tough U.S. market.
Setting Industry Pace with Bold Net-Zero and Green Energy Goals
T-Mobile aims high with its ESG goal. It plans to reach net-zero emissions for its entire carbon footprint by 2040. This target, validated by the Science Based Targets initiative (SBTi), reflects the company’s serious commitment to reducing its environmental impact.
Source: T-Mobile
As of 2023, T-Mobile has reduced its total Scope 1, 2, and 3 emissions by 30% compared to 2020 levels. This includes sourcing 100% of its electricity from renewable energy, a milestone it has maintained since 2021.
Source: T-Mobile
T-Mobile has also made significant strides in improving energy efficiency. For example, the company has reduced its energy consumption per petabyte of data by 62% since 2019.
T-Mobile has started a big effort to collect and recycle old devices. By 2023, they recovered 10 million devices for reuse, resale, or recycling. T-Mobile invests in big wind and solar projects. These help the company reach its clean energy goals.
The telecom company also employs these initiatives to boost its net-zero journey:
Network Optimization: Decommissioned tens of thousands of macro cell sites resulting from the integration of the Sprint network and retired legacy technologies to reduce energy consumption.
Energy-Efficient Technologies: Replaced traditional air conditioning units at cell sites with direct air-cooling systems and implemented software features to optimize energy use based on network traffic demands.
Collaborative Commitments: Signed The Climate Pledge, joining a global initiative to achieve net-zero carbon emissions by 2040, and participates in RE100 and the EPA Green Power Partnership to promote renewable energy adoption.
Telecom’s Net-Zero Race: Who Steals the Show?
Verizon leads in revenue and net income. But in terms of ESG and net-zero commitments, T-Mobile is clearly leading, with its 2040 net-zero target and aggressive renewable energy goals. This includes sourcing 100% of its electricity from renewable sources.
Verizon follows closely, with a 2050 net-zero target and substantial progress in reducing its carbon emissions. AT&T has made progress in cutting Scope 1 and 2 emissions. However, it falls short in renewable energy use at 25.7%. In contrast, Verizon is at 34.4%, and T-Mobile leads with 100%.
Data source: company reports
Verizon and AT&T have ambitious strategies. However, T-Mobile stands out because it focuses on energy efficiency, device recycling, and renewable energy investments. Its complete approach and strong focus on cutting its carbon footprint give it an edge in measurable ESG progress.
The telecommunications industry’s major players are making notable strides in balancing financial performance with environmental responsibility. T-Mobile emerges as a leader in sustainability, while Verizon and AT&T continue to strengthen their ESG efforts.
As the telecom industry evolves, these three companies’ net-zero and sustainability commitments will play a crucial role in shaping corporate responsibility and environmental success.
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The global energy sector is transitioning, with major oilfield service companies under pressure to cut emissions while staying profitable. Baker Hughes, Halliburton, and Schlumberger (SLB) recently reported their earnings.
However, here we reveal how each company is balancing investments in oil, gas, and low-carbon initiatives. Thus, beyond financials, their sustainability goals and net-zero targets set them apart.
Let’s dive in.
Baker Hughes Reports Mixed Q1 2025 Results
Baker Hughes reported $6.43 billion in revenue for the first quarter of 2025. This marked a 13% drop from the previous quarter but a slight increase of $9 million compared to a year ago. The year-over-year growth was mainly due to stronger performance in Industrial & Energy Technology (IET), partially offset by weaker results in Oilfield Services & Equipment (OFSE).
Net income under U.S. GAAP was $402 million, down $777 million from the previous quarter and $53 million lower year-over-year. However, adjusted net income, which excludes certain items, stood at $509 million. This was also down 27% from the previous quarter but up 19% compared to last year.
Source: Baker and Hughes
Advances in Pipeline Compression and Data Center Power
It also secured a major pipeline project in North America, supplying two compression stations with 10 Frame 5/2E turbines and compressors.
Additionally, in data centers, the company won contracts for over 350 MW of NovaLT™ turbines. It partnered with Frontier Infrastructure to deliver large-scale carbon capture and clean power solutions using its full technology suite.
Lorenzo Simonelli, Baker Hughes chairman and chief executive officer, said,
“Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records. Our continued transformation initiatives and strong execution continue to drive structural margin improvement across both segments. The operational transformation and streamlining efforts have created a solid foundation to optimize margins and enhance returns, even in a challenging environment.”
Baker Hughes continues to lead the energy transition by striving to become a sustainable pioneer across all its operations. It aims to reduce Scope 1 and 2 emissions by 50% by 2030 compared to 2019 levels.
Major Progress on Emissions Reduction
Source: Baker and Hughes
The company reported strong environmental achievements this year:
Scope 1 and 2 emissions dropped 29.3 percent compared to the 2019 base year, reaching 564,728 metric tons of CO2e.
Scope 1 emissions, covering fleet, field activities, and facilities, declined by 22.6 percent to 386,367 metric tons of CO2e.
Scope 2 emissions from purchased electricity decreased by 40.6 percent (market-based) and 30.7 percent (location-based).
Despite these achievements, it recorded a 16.5% increase in Scope 3 emissions intensity, mainly due to higher demand for high-efficiency gas turbines and electric motors.
Hands-On Approach to Emissions Reduction
Baker Hughes prioritizes direct emissions reduction over carbon offsets or virtual power purchase agreements. It improves energy efficiency, integrates renewable electricity across facilities, and deploys low-carbon technologies.
Additionally, it supports ecosystem projects through the Baker Hughes Foundation. However, these initiatives are not used for carbon credits. This hands-on approach ensures tangible, measurable progress and strengthens the company’s commitment to sustainability.
Carbon-Free Clean Energy
Source: Baker and Hughes
In 2024, Baker Hughes advanced clean energy adoption using renewable or zero-carbon electricity. Its use rose from 13.5% in 2019 to 34.2% in 2024.
On-site solar has expanded to 15 sites, and renewable and nuclear energy use has cut emissions by 89,734 metric tons of CO2e since 2019.
Key Highlights:
The Woodlands, Texas, and Broussard, Louisiana, sites fully transitioned to 100% renewable electricity.
In Thailand, the partnership with Cleantech enabled on-site solar panels to generate about 18% of the site’s annual electricity.
Nuclear energy plays a huge role in the company’s low-carbon future. It supports conventional nuclear power and small modular reactors. It emphasizes safety, community involvement, and efficient waste management while ensuring reliable operations.
Thus, the strategic use of renewable energy credits, Zero-Emission Certificates, and local certificates supported these improvements.
Halliburton Posts Lower Q1 2025 Earnings as North America Revenue Falls
Halliburton Company reported a net income of $204 million, or $0.24 per diluted share, for the first quarter of 2025. This marked a sharp decline from $606 million, or $0.68 per share, in the same period last year.
When adjusted for impairments and other charges, Q1 2025 net income came in at $517 million, or $0.60 per share, down from $679 million, or $0.76 per share, in Q1 2024.
Total revenue for the quarter dropped to $5.4 billion from $5.8 billion last year. Operating income was $431 million, down from $987 million a year ago.
Source: Halliburton
Geographical Revenue Highlights
In North America, revenue dropped 12% to $2.2 billion due to lower stimulation activity in the US Land and fewer tool sales in the Gulf.
International revenue dipped 2% to $3.2 billion. Latin America revenue fell 19% to $896 million from slower activity in Mexico and lower tool sales. However, Europe/Africa revenue rose 6% to $775 million, driven by stronger activity in Norway, Namibia, and the Caspian.
Jeff Miller, Chairman, President, and CEO, said,
“I am pleased with our performance in the first quarter. We delivered total company revenue of $5.4 billion and adjusted operating margin of 14.5%. Our first quarter international tender activity was strong, Halliburton won meaningful integrated offshore work extending through 2026 and beyond. Customers awarded Halliburton several contracts that demonstrate the strength of our value proposition and the power of our service quality execution.”
Halliburton’s Emissions and Clean Energy Progress
Halliburton is committed to reducing emissions to help the oil and gas industry become cleaner.
Source: Halliburton
It aims to:
Cut Scope 1 and 2 emissions by 40% by 2035 from 2018 levels
Work with top suppliers to track and reduce Scope 3 emissions
Low-Carbon Electric Fracturing Fleets
Hydraulic fracturing made up 80% of its emissions. As demand in North America rose, total Scope 1 and 2 emissions increased by 2% from the previous year. However, since 2018, it has lowered its emissions per operating hour by 16% by investing in electric fracturing fleets.
The company now uses smarter fracturing tools that give customers more power options and better efficiency. It’s also reusing older equipment in smarter ways to lower emissions and boost returns.
Strong Climate Commitments
Last year, the company focused on three areas to lower its carbon footprint. They were:
Helping oil and gas customers lower their emissions
Using its skills for low-carbon projects like carbon capture and geothermal
Backing startups through Halliburton Labs to support new energy ideas
Notably, they are also using the carbon assessment tool on big projects in Mexico, Norway, Iraq, and Namibia. It identified possible emissions from equipment, transport, and its products. This helps customers plan cleaner operations from the start.
Growing in Low-Carbon Solutions
Halliburton has invested largely in carbon capture, geothermal, and other low-carbon energy projects. Some notable projects in these fields include:
Carbon Capture (CCUS)
As said before, it works with customers to offer full CCUS solutions. These include tools like the NeoStar™ CS safety valve and CorrosaLock™ cement, built for harsh CO₂ storage conditions. Halliburton is also teaming up with other energy players to develop more CCUS options.
Geothermal Energy
Being a pioneer in geothermal, it supports every stage of a geothermal project from testing and drilling to production. In 2024, it offered tools like GeoESP® pumps and Thermalock™ cement for hot, tough environments. It also provided strong drill bits, smart drilling fluids, and custom well designs for deep, complex projects.
Schlumberger (SLB) Q1 Update: Revenue Drops, But Digital and Cash Flow Stay Strong
SLB reported $8.49 billion in revenue for the quarter, down 3% compared to last year. Net income also dropped 25%, landing at $797 million.
GAAP earnings per share (EPS) came in at $0.58, down 22%.
Adjusted EPS, excluding one-time items, was $0.72, a 4% decrease.
Adjusted EBITDA stood at $2.02 billion, down 2%.
However, cash flow from operations surged to $660 million, up $333 million year on year. The board also approved a $0.285 per share quarterly dividend.
Source: Schlumberger
SLB Chief Executive Officer, Olivier Le Peuch, commented,
“First-quarter adjusted EBITDA margin was slightly up year on year despite softer revenue as we continued to navigate the evolving market dynamics.
It was a subdued start to the year as revenue declined 3% year on year. Higher activity in parts of the Middle East, North Africa, Argentina and offshore U.S., along with strong growth in our data center infrastructure solutions and digital businesses in North America, were more than offset by a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia.”
Core Business Shows Bright Spots Amid Slowdown
While overall revenue in SLB’s core divisions slipped 4%, some segments performed well.
Production Systems revenue rose 4% with growing demand for surface production systems, completions, and artificial lift.
Margins improved by nearly 2 percentage points.
Reservoir Performance benefited from strong international stimulation and intervention work, though lower evaluation activity held it back.
CEO Olivier Le Peuch noted that despite lower rig activity, SLB’s diverse portfolio helped soften the blow.
Digital and AI Business Keeps Gaining Momentum
SLB’s digital division continued to grow strongly, separate from the usual ups and downs of the oil and gas cycle.
Digital revenue jumped 17% year on year.
Overall, Digital & Integration revenue rose 6%.
Le Peuch said more energy companies are investing in digital tools and AI to boost performance and unlock value from their data. SLB plans to keep expanding its offerings in AI, cloud, and digital operations.
Shareholder Returns Set to Rise in 2025
Looking ahead, SLB promised to return at least $4 billion to shareholders in 2025 through dividends and buybacks.
The company plans to give back more than half of its free cash flow.
Even with market uncertainties, such as shifting economic conditions and oil price changes, SLB remains focused on protecting margins, maintaining strong cash flow, and delivering steady value.
SLB’s Clear Climate Goals with Measurable Progress
SLB is firmly committed to achieving net-zero emissions by 2050 and has laid out clear targets to guide its journey. The company aims to cut its Scope 1 and 2 emissions by 30% by 2025 and by 50% by 2030. It also targets a 30% reduction in Scope 3 emissions by the end of the decade.
Progress Highlights in 2024:
In FY2024, SLB’s total emissions from Scope 1, 2, and 3 were 36,115 thousand metric tons. This shows a steady decline from 40,123 thousand metric tons in FY2023 and 49,098 thousand metric tons in FY2019. Overall, the company has reduced its total emissions by about 26% since FY2019.
Source: Schlumberger
Scope 1 and 2 market-based emissions intensity dropped by 11%. They stood at 990 thousand metric tons and 373 thousand metric tons, respectively.
Scope 3 emissions intensity reduced by 18%. They were 34,855 thousand metric tons.
38% of the electricity used at SLB’s global sites came from renewable sources
Source: Schlumberger
Cleaner Operations, Smarter Tools
In 2024, SLB cut Scope 1 emissions by rolling out its Field Fuel Playbook. This guide helped teams monitor fuel use, cut idling, and choose cleaner fuels. Employees used it to improve planning and reduce waste across operations.
For example, PumpIRIS™ was rolled out to cut pump idling in field jobs. The pilot avoided over 3,000 metric tons of CO₂e and saved nearly $1 million annually.
The company also helped clients avoid more than 950,000 metric tons of CO₂e in 2024. Its new Digital Sustainability tools support climate action in industries that are hard to decarbonize
Building the Future with Clean Tech
The company’s New Energy business moved forward in 2024, focusing on key technologies that support the energy transition:
SLB Capturi, a joint venture with Aker Carbon Capture, launched to scale up carbon capture using modular systems. Three projects are underway, and two sites near Norway’s Northern Lights carbon storage hub are already using SLB services.
In Nevada, a lithium demo plant showed how to make battery-grade lithium carbonate with 96% recovery from brine, using 90% less land and far less water. The plant combines direct lithium extraction with advanced processing, and it’s now ready to scale up.
New modeling tools were launched to help clients manage lithium-brine resources more efficiently and sustainably.
Boosting Geothermal in the Philippines
Using CoilTools™, SLB revived five geothermal wells in Leyte without drilling. This added 14 MW of power and supports the Philippines’ 2030 target of 3,200 MW.
These goals reflect SLB’s long-term strategy to lower its carbon footprint and support the global transition to clean energy.
We can see that scope 3 emissions are a major concern for the oilfield service companies, and their sustainability approach is significantly strong. Even though their revenues are moderately down, we expect the top oilfield giants like Baker Hughes, Halliburton, and Schlumberger to drive a sustainable change in this sector.
https://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.png00carbonfundhttps://globalcarbonfund.com/wp-content/uploads/2018/10/GCF_header_logo_340x156.pngcarbonfund2025-05-01 10:21:412025-05-01 10:21:41Oilfield Giants Walk a Tightrope: Q1 Profits, Emissions & the Race to Net Zero
