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Decarbonization strategy

2030 strategic priorities

  • Reduce OMV Group Scope 1 and 2 emissions by 30%
  • Reduce OMV Group Scope 3 emissions by 20%
  • Reduce OMV Group’s carbon intensity of energy supply by 20%

OMV is committed to achieving net-zero emissions (Scopes 1, 2, and 3) by 2050, with interim targets for 2030 and 2040. OMV is awaiting the publication of the science based targets (SBT) methodology for the oil & gas sector to evaluate its new targets against the SBT requirements with the ultimate ambition to get them approved by the Science Based Target initiative (SBTi). OMV targets are set at an absolute and intensity level with the ultimate goal of achieving net-zero emissions in Scopes 1, 2, and 3 by 2050. For Scope 1 and 2, OMV aims for an absolute reduction of 30% by 2030 and of 60% by 2040. For the defined categories in Scope 3, OMV aims at the reduction by 20% by 2030 and by 50% by 2040. In terms of reducing the carbon intensity of energy supply, OMV intends to achieve a decrease of 20% by 2030 and 50% by 2040.

These emission reductions can only be achieved with considerable effort and capital allocated: The Group has earmarked organic investments of more than EUR 13 bn for this purpose. All business units will build on their existing strengths and know-how on this transformation journey. Three key initiatives will be undertaken to achieve the targeted reductions by 2030:

  • Decrease in fossil fuel sales: Significant decrease in fossil fuels and a less steep decline in natural gas sales
  • Increase in zero-carbon energy sales: significant increase in sustainable and biobased fuels, green gas sales, build-up of photovoltaic electricity capacity for captive use as well as geothermal heat
  • Increase in Chemicals & Materials recycling and sustainable feedstocks and delivery of approximately 2 mn p.a. of circular products: recyclate production substituting fossil chemicals and materials production and production from biogenic feedstock

Besides these efforts, neutralization measures will be necessary. OMV anticipates that it will use 5.0 mn t of capacity across all business units. All energy purchases will be 100% renewable. The inorganic growth of the Chemicals & Materials business will be executed in line with OMV decarbonization targets with either decarbonization pathways in place or to be implemented following a possible acquisition.

Metric ton
CCS/CCS effects/inventory holding gains/(losses)
Current Cost of Supply; inventory holding gains and losses represent the difference between the cost of sales calculated using the current cost of supply and the cost of sales calculated using the weighted average method after adjusting for any changes in valuation allowances in case the net realizable value of the inventory is lower than its cost. In volatile energy markets, measurement of the costs of petroleum products sold based on historical values (e.g., weighted average cost) can have distorting effects on reported results (Operating Result, net income, etc.). The amount disclosed as CCS effect represents the difference between the charge to the income statement for inventory on a weighted average basis (adjusted for the change in valuation allowances related to net realizable value) and the charge based on the current cost of supply. The current cost of supply is calculated monthly using data from supply and production systems at the Refining & Marketing level.