- Adopts 2050 net zero aspiration for upstream Scope 1 and 2
emissions
- Sets new 2028 GHG intensity target for Scope 1, 2, and 3
emissions
Chevron Corporation (NYSE: CVX) issued an updated climate change
resilience report that further details the company’s ambition to
advance our lower carbon future. Chevron adopted a 2050 net zero
aspiration for equity upstream Scope 1 and 2 emissions. The
TCFD-aligned report describes 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,”
said Michael Wirth, Chevron’s chairman and CEO. “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.”
Chevron’s new PCI target assists with transparent carbon
accounting and company comparison from publicly available data. The
target covers the full value chain, including Scope 3 emissions
from the use of products. The company has set a greater than 5
percent carbon emissions intensity reduction target from 2016
levels by 2028. This target is aligned with Chevron’s strategy
which allows flexibility to grow its traditional business, provided
it remains increasingly carbon-efficient, and pursue growth in
lower-carbon businesses. Chevron plans to publish a PCI methodology
document and online tool to enable third parties to calculate PCI
for energy companies.
Chevron’s 2050 equity upstream Scope 1 and 2 net zero aspiration
builds on the company’s disciplined approach to target setting and
action. The path to this net zero aspiration anticipates
partnerships with multiple stakeholders and progress in technology,
policy, regulations, and offset markets.
“We regularly engage with stakeholders and investors to
understand their views and to be responsive to their increasing
expectations on all issues, including ESG,” said Dr. Ronald Sugar,
Chevron’s lead director. “Our updated report demonstrates our goal
to partner with many stakeholders to work toward a lower carbon
future.”
The full report is online here.
Chevron is one of the world’s leading integrated energy
companies. We believe affordable, reliable and ever-cleaner energy
is essential to achieving a more prosperous and sustainable world.
Chevron produces crude oil and natural gas; manufactures
transportation fuels, lubricants, petrochemicals and additives; and
develops technologies that enhance our business and the industry.
To advance our lower carbon strategy, we are focused on lowering
the carbon intensity in our operations and growing lower carbon
businesses. More information about Chevron is available at
www.chevron.com.
* Scope 1 includes direct emissions of the six Kyoto Protocol
greenhouse gases (GHG)--carbon dioxide (CO2), methane (CH4),
nitrous oxide (N2O), sulfur hexafluoride, perfluorocarbons, and
hydrofluorocarbons. Scope 2 includes indirect GHG emissions from
imported electricity and steam. Scope 3 includes other indirect
emissions, including use of products. The PCI includes Scope 3
emissions from the use of products. More information is available
in our updated climate change resilience report, which is aligned
with Task Force on Climate-Related Disclosures (TCFD).
CAUTIONARY STATEMENTS RELEVANT TO
FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR”
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995
This news release contains forward-looking statements relating
to Chevron’s energy transition plans and operations that are based
on management’s current expectations, estimates, and projections
about the petroleum, chemicals, and other energy-related
industries. Words or phrases such as “anticipates,” “expects,”
“intends,” “plans,” “targets,” “forecasts,” “projects,” “believes,”
“seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,”
“could,” “should,” “will,” “budgets,” “outlook,” “trends,”
“guidance,” “focus,” “on schedule,” “on track,” “is slated,”
“goals,” “objectives,” “strategies,” “opportunities,” “poised,”
“potential,” “ambitions,” “aspires,” and similar expressions are
intended to identify such forward-looking statements. These
statements are not guarantees of future performance and are subject
to certain risks, uncertainties, and other factors, many of which
are beyond the company’s control and are difficult to predict.
Therefore, actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements.
Our ability to achieve the goals, targets, and aspirations outlined
in this news release depends on making extensive progress with
independent third parties, including development of policy and
regulatory support, technological advancement, successful
commercial negotiations, availability of cost-effective and
verifiable offsets in a global market, and the granting of
necessary permits by governing authorities. The reader should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this news release. Unless legally
required, Chevron undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Among the important factors that could cause actual results to
differ materially from those in the forward-looking statements are:
changing crude oil and natural-gas prices and demand for our
products, and production curtailments due to market conditions;
crude oil production quotas or other actions that might be imposed
by the Organization of Petroleum Exporting Countries (OPEC) and
other producing countries; technological advancements; changes to
government policies in the countries in which the company operates;
development of large carbon capture and offsets markets; public
health crises, such as pandemics and epidemics, and related
government policies and actions; changing economic, regulatory, and
political environments in the various countries in which the
company operates; general domestic and international economic and
political conditions; changing refining, marketing, and chemicals
margins; the company’s ability to realize anticipated cost savings,
expenditure reductions, and efficiencies associated with enterprise
transformation initiatives; actions of competitors or regulators;
timing of exploration expenses; timing of crude oil liftings; the
competitiveness of alternate-energy sources or product substitutes;
the results of operations and financial condition of the company’s
suppliers, vendors, partners, and equity affiliates; the inability
or failure of the company’s joint-venture partners to fund their
share of operations and development activities; the potential
failure to achieve expected net production from existing and future
crude oil and natural-gas development projects; potential delays in
the development, construction, or startup of planned projects; the
potential disruption or interruption of the company’s operations
due to war, accidents, political events, civil unrest, severe
weather, cyber threats, terrorist acts, or other natural or human
causes beyond the company’s control; the potential liability for
remedial actions or assessments under existing or future
environmental regulations and litigation; significant operational,
investment, or product changes required by existing or future
environmental statutes and regulations, including international
agreements and national or regional legislation and regulatory
measures to limit or reduce greenhouse gas emissions; the potential
liability resulting from pending or future litigation; the
company’s future acquisitions or dispositions of assets or shares
or the delay or failure of such transactions to close based on
required closing conditions; the potential for gains and losses
from asset dispositions or impairments; government-mandated sales,
divestitures, recapitalizations, industry-specific taxes, tariffs,
sanctions, changes in fiscal terms, or restrictions on scope of
company operations; foreign currency movements compared with the
U.S. dollar; material reductions in corporate liquidity and access
to debt markets; the receipt of required Board authorizations to
pay future dividends; the effects of changed accounting rules under
generally accepted accounting principles promulgated by
rule-setting bodies; the company’s ability to identify and mitigate
the risks and hazards inherent in operating in the global energy
industry; and the factors set forth under the heading “Risk
Factors” on pages 18 through 23 of the 2020 Annual Report on Form
10-K. Other unpredictable or unknown factors not discussed in this
news release could also have material adverse effects on
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20211011005122/en/
Sean Comey -- +1-925-842-5509
Chevron (NYSE:CVX)
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