GHG Emissions, Industrial, Sourcing Renewables - August 18, 2023
California Resources Expands Goals on Methane Emissions
California Resources Corporation (CRC) announced the oil company updated and expanded its ESG goals on methane emissions and linked ESG performance to executive pay.
The company also made progress toward meeting its 2045 Full-Scope Net Zero Goal for Scope 1, 2 and 3 emissions, entered into a joint venture with Brookfield Renewable to focus on carbon capture and storage development opportunities, and announced its first Carbon Dioxide Management Agreement outlining the material economics and terms of a blue hydrogen plant at CRC’s proposed Net Zero Industrial Park located at Elk Hills in Kern County, California.
California Resources also assembled a consortium of over 40 diverse organizations across industry, technology, academia, national labs, community and government to lay the groundwork for the California Direct Air Capture (DAC) Hub, the first full-scale DAC plus storage (DAC+S) network of regional DAC+S hubs in the state.
Details were included in the company's publication of its 2022 Sustainability Update.
“At CRC, we are dedicated to becoming an even more sustainable energy company while prioritizing health, safety, and the environment in all we do,” said Francisco Leon, CRC President and CEO, in a statement. “We are proud to share our accomplishments in 2022 as we continued to expand our sustainability leadership by providing some of the lowest carbon intensity production in the US, impactful community engagement activities, and key carbon management opportunities, such as our Carbon TerraVault (CTV) carbon capture and storage (CCS) projects.”