As part of its Global Stewardship program, oilfield services major Schlumberger Ltd. committed to setting science-based greenhouse gas emissions reduction targets, it said Dec. 19.

The targets aim to meet the goals of the Paris Agreement on climate change, which focuses on limiting global warming to well below 2 degrees Celcius by the end of the century.

Schlumberger submitted its commitment to the Science Based Targets initiative and said it will define its reduction target by 2021.

"The energy industry has a key role to play in reducing the effects of climate change. Schlumberger seeks to lead positive, measurable changes in GHG emissions within the industry to help reduce climate change," CEO Olivier Le Peuch said Dec. 19. The application of the company's "environmentally responsible" technologies will help drive process efficiency and environmental footprint reduction, Le Peuch said.

The Science Based Targets initiative is a collaboration between London-based nonprofit organization CDP Worldwide, the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature. It champions science-based target-setting as a way of boosting companies' competitive advantage in the transition to the low-carbon economy. It is one of the We Mean Business Coalition commitments.