Chevron has released an updated climate change resilience report in which it sets net zero-carbon ambition and new greenhouse gas (GHG) emission reduction target, a press release published by the company disclosed.
The report stated that Chevron adopted a 2050 net zero aspiration for equity upstream Scope 1 and 2 emissions. It explained how Chevron is incorporating Scope 3 emissions into its greenhouse gas emission targets by establishing a Portfolio Carbon Intensity (PCI) target inclusive of Scope 1 and 2 as well as Scope 3 emissions from the use of its products.
“Solutions start with problem solving, which is exactly what the people of Chevron do – and have excelled at for over 140 years,” Chevron’s Chairman and CEO Michael Wirth said. “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.”
According to the report, the new target covered the full value chain, including Scope 3 emissions from the use of products. In addition, Chevron has set a greater than 5% carbon emissions intensity reduction target from 2016 levels by 2028. The company announced its intention to publish a PCI methodology document and online tool to enable third parties to calculate PCI for energy companies.