DRQ - Dril-Quip commits to cut carbon emissions by 50%-plus by 2030

Dril-Quip (NYSE:DRQ) said Monday that it would set decarbonization targets to align with the Paris Agreement, committing to reduce its combined Scope 1 and Scope 2 emissions by more than 50% by 2030. Dril-Quip (DRQ) said its decarbonization actions will include switching to renewable electricity at certain manufacturing sites and investing in infrastructure to cut emissions, rightsizing facilities, investing in infrastructure to reduce emissions, reducing vehicle fleet and evaluating electrification opportunities. The company estimated more than 75% of its Scope 3 emissions are attributable to machinery, products and services it purchased and the use of its equipment leased by customers, so it said it is working closely with suppliers and customers to find avenues to decarbonize their operations further. Dril-Quip (DRQ) recently reported a larger than expected Q1 adjusted loss on revenues of $83M.

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Dril-Quip commits to cut carbon emissions by 50%-plus by 2030