Commercial, Energy Efficiency, Energy Procurement, GHG Emissions - October 3, 2019
Chevron sets goal to lower emission intensity
Chevron Corporation set a goal to reduce its upstream oil net GHG emission intensity by 5 – 10% and upstream natural gas net GHG emission intensity by 2 – 5% from before 2023.
The gasoline company committed to these metrics in all its upstream oil and natural gas, whether it has operational control or not.
The initiative to lower carbon intensity follows Chevron’s previous efforts in energy efficiency, including the increased use of renewable energy and investing in energy technologies. The company is a member of the Oil and Gas Climate Initiative and has used that influence in helping fund a more than $1 billion effort to develop new technology, as well as establishing a Future Energy venture capital fund to invest in technology and businesses to reduce emissions.
Additionally, Chevron uses renewable energy to power some of its operations in California and Texas and has invested more than $1 billion in carbon capture and storage projects in Australia and Canada which are expected to reduce emissions by approximately 5 million tons per year.
“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,” Michael Wirth, Chevron's chairman and CEO, said in a statement. “Reducing greenhouse gas emissions is a global issue that requires global engagement and action. We are taking action while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress.”