We organize our efforts into the areas of people, planet, and principles, and we work hard to make measurable progress each year. We strive to improve the transparency of our reporting and challenge ourselves to perform at the level of the most responsible companies in the world, not just in our own industry.
2020 was a year of challenge and change for the global business community, and the business case for sustainability has never been clearer. I am tremendously proud of the work our teams have done – and continue to do - in response to the COVID-19 pandemic. We saw first-hand how our values, principles, and policies helped us remain resilient and safe during this unprecedented time. Our ability to manage risk, anticipate challenges, and execute decisively helped us in many ways. We came together to protect our employees, support our customers, deliver for our shareholders, and serve our communities, while advancing our strategy to position Baker Hughes for long-term growth.
As an energy technology company, our success is deeply linked with the creativity and engagement of our people. To foster this, we are working to build a diverse, equitable, and inclusive work environment where everyone can bring their authentic selves and talents. I strive to treat people with dignity, respect, and understanding each day and encourage everyone at Baker Hughes to do the same. While I am immensely proud of the progress we continue to make in advancing our inclusive work culture, I acknowledge that there is still more we can do.
Over the last year we have found new ways to work and adjusted our work practices to improve flexibility and opportunity for our approximately 55,000 team members. We never stopped investing in our people and developing the talents and skills they will need to lead the energy transition. Like many companies, we made the difficult decision to restructure our operations and reduce our workforce to meet the realities of the economic environment. While necessary, we made every effort to support our people and help ease their transition.
We have seen both public and commercial interest in the energy transition accelerate dramatically over the past year, driven by the growing concern of climate change. We remain committed to supporting the goals of the Paris Climate Agreement and we are investing in technology and services that will help the energy industry meet its emissions reduction goals. Technologies such as carbon capture, utilization, and storage (CCUS); hydrogen; geothermal; and energy storage are integral to our growth strategy as we position ourselves for new energy frontiers.
We continue to make progress on our own sustainability journey. During 2020 we reduced our Scope 1 and 2 carbon emissions 15% compared to the prior year, and made progress on many of our environmental metrics. You will read in this report how we have reset our emissions reporting base year to 2019 to reflect our changing company, and how we are outlining decarbonization pathways to achieve our net-zero emissions goals by 2050.
We recognize climate change is a challenge to our business model, but we also see it as an opportunity: to enter new markets and expand our low-carbon energy technology portfolio. This year we began the reporting of risks and opportunities under TCFD. This process has put us in a better position to evaluate and strengthen our financial resilience and adjust our strategic planning in the face of climate change.
For me, corporate responsibility comes down to doing the right thing and not taking shortcuts. At Baker Hughes we bring this spirit to life through our culture, our compliance programs, our Code of Conduct, and our supplier integrity program. We hold each other mutually accountable, and all employees are encouraged
to speak up, stop work, or report concerns free from retaliation. That is non-negotiable for me and our extended leadership team.
While we have ambitious goals for the future, we recognize that Baker Hughes can’t do it alone. That is why we are part of a global network of forward-thinking partners. We continued to expand this network by joining leading organizations like the Global Carbon Capture and Storage Institute, the Hydrogen Council, and the Methane Guiding Principles. Also, we remain committed to supporting the Ten Principles of the United Nations Global Compact on human rights, labor, environment, and anti-corruption. We intend to advance these principles in our strategy, culture, and business practices.
Chairman, President, and Chief Executive Officer