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Chevron sets new greenhouse gas reduction goals
Chevron has unveiled new goals to reduce net greenhouse gas (GHG) emission intensity from its upstream oil and natural gas operations. Emission intensity is the emission rate of GHG per unit of energy produced. The company intends to lower 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 timing is aligned with stock-take milestones set in the Paris Agreement on climate change.
The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not.
‘Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,’ says Michael Wirth, Chevron's Chairman and CEO.
The new reduction goals build on other actions Chevron is taking to address climate change by lowering the company’s carbon intensity, increasing its use of renewable energy and investing in breakthrough technologies.
Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity. Chevron is a member of the Oil and Gas Climate Initiative (OGCI) and is helping fund a $1bn-plus effort to develop new technologies and businesses to reduce GHG emissions. Chevron has also established a Future Energy venture capital fund to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources. It has invested more than $1bn in carbon capture and storage (CCS) projects in Australia and Canada, which are expected to reduce GHG emissions by about 5mn t/y. The company 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,’ says Wirth.