Home Chevron Sets Out Low-carbon Aspirations
Chevron has published a new climate change resilience report. In the report, the U.S. energy giant sets out its low-carbon aspirations of net zero scope 1 and 2 emissions by 2050.
The company’s executive board faced a shareholder rebellion in May this year led by a Dutch environmental activist group Follow This. The group rallied investors to vote 61% in favor of forcing Chevron to cut carbon its carbon footprint. It has 29 years to achieve its target.
The company’s has allocated $2 billion for carbon reduction projects. Its shorter-term targets are a “portfolio” carbon intensity (scope 1, 2, and 3) of 71 grams of carbon dioxide equivalent per megajoule. The portfolio carbon intensity methodology measures carbon-intensity accounting of a company’s product portfolio and includes emissions associated with bringing products to market. Targets also include upstream carbon intensity (scope 1 and 2) of 24 kg CO₂e per barrel of oil equivalent and refining carbon intensity (scope 1 and 2) of 36 kg CO2e/boe.
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The 75 page report, aligned with the Task Force on Climate-related Financial Disclosures, is available here.