Report: Baker Hughes Reduces Scope 1 & 2 Greenhouse Gas Emissions by 28%, on Track to Meet Net

Apr 01, 2024

Press Release

May 30, 2023

· Corporate sustainability report outlines progress in key areas

· Company completed detailed materiality assessment using best practices, aligned to most widely recognized reporting frameworks

HOUSTON and LONDON – May 30, 2023 – Baker Hughes (NASDAQ: BKR), an energy technology company, announced Tuesday the release of its 2022 corporate sustainability report, which shows the company is on-track to meet its net-zero emissions by 2050 goal by reducing emissions by nearly one-third from its operating facilities through energy efficiency initiatives. The report also outlined the company’s progress toward driving more sustainable operations through improved performance in its environmental, social and governance (ESG) metrics.

“Last year was a year of transformation for Baker Hughes, highlighting sustainability as one of the key differentiators of our business. Against the backdrop of a challenging and complex global energy environment, I am proud that while we continue supporting our customers on their energy transition journeys, we have not lost sight of our goal to operate in a responsible and more sustainable way,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “Sustainability has a clear role to play in advancing our purpose of taking energy forward, making it safer, cleaner and more efficient for people and the planet.”

“Our sustainability strategy underpins our broader commercial strategy and encompasses progress in key focus areas of people, planet and principles by weaving sustainability more deeply in our culture,” said Allyson Anderson Book, chief sustainability officer and sustainability steering team chair at Baker Hughes. “Additionally, we have driven data integrity, transparency, and controllership in our annual sustainability disclosure. I am particularly proud that in true spirit of putting people first, our report this year is more inclusive and accessible to readers of all abilities.”

Key highlights of Baker Hughes’ sustainability performance in 2022 include:

As one of the first companies in the industry to announce a net-zero emissions goal, Baker Hughes remains transparent in its reporting with two separate reviews of its annual sustainability report – internal audit as well as an independent accounting firm.

Baker Hughes corporate sustainability report is prepared in accordance with GRI-Core standards, SASB, references the United Nations Sustainable Development Goals, and Task Force on Climate-related Financial Disclosures (TCFD). Baker Hughes is also a participant of the UN Global Compact Initiative – a voluntary leadership platform for the development, implementation, and disclosure of responsible business practices.

Learn more about its sustainability commitments and performance by accessing the full 2022 Corporate Sustainability Report here.

Global PR and Media Relations Leader

Adrienne Lynch

+1 713 906 8407

[email protected]