GHG Emissions, Industrial - October 12, 2021
Chevron Establishes Value Chain Emissions Intensity Reduction Target
Chevron Corporation announced Oct. 11 updated carbon targets in a new report, including a new commitment to reach net-zero emissions by 2050 in Scope 1 and 2 activities.
The energy company is also targeting a 5% reduction in emissions intensity across all scopes of its value chain, in particular incorporating Scope 3 emissions from the use of its products, before 2028. To reach this target, Chevron is establishing a Portfolio Carbon Intensity (PCI) target, which will help with transparent carbon accounting.
Chevron plans to publish information about its PCI methodologies to allow third parties to calculate PCI for energy companies. The new target is also in alignment with Chevron’s strategy to continue growing its business while increasing carbon-efficiency practices and growing lower-carbon businesses.
“Solutions start with problem solving, which is exactly what the people of Chevron do – and have excelled at for over 140 years,” Michael Wirth, Chevron’s chairman and CEO, said in a statement. “This report offers further insights about our strategy, how we are investing in lower-carbon businesses and why we believe this is an exciting time to be in the energy industry.”