Chevron Corporation has established new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas. The company aims to cut upstream oil net GHG emission intensity by 5-10% and upstream natural gas net GHG emission intensity by 2-5% from 2016 to 2023.
The GHG emission intensity reduction apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not.
The new reduction goals comes to add on other actions Chevron is taking to mitigate climate change by limiting the company’s carbon intensity, increasing its use of renewable energy and investing in new technologies.
Earlier in 2019, the company set out reduction goals for methane emission intensity and flaring intensity.
Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact
mentioned Michael Wirth, Chevron’s chairman and CEO.
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Chevron is a member of the Oil and Gas Climate Initiative and is helping fund a $1+ billion effort to establish new technologies and businesses to decrease GHG emissions. Chevron also developed a Future Energy venture capital fund, in order to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources.
What is more, it has also invested over $1 billion in carbon capture and storage projects in Australia and Canada which are expected to reduce GHG emissions by about 5 million metric tons per year.
In addition, Chevron is using renewable electricity to power some of its operations in California and Texas.
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
Mr. Wirth concluded.
