Chevron Corporation issued on Monday its fourth climate change resilience report to provide information on the company’s ambition to advance a lower-carbon future. It has adopted a 2050 net-zero aspiration for equity upstream Scope 1 and 2 emissions.
Chevron is now incorporating all value chain emissions into its greenhouse gas emissions target by establishing a portfolio carbon intensity (PCI) target that includes Scope 3 emissions from the use of its products along with Scope 1 and 2 emissions – i.e., direct and indirect emissions, respectively. The company’s new PCI target will assist with transparent carbon accounting. The company plans to publish a PCI methodology document and online tool to enable third parties to calculate PCI for energy companies.
Chevron has set a greater-than-5% carbon-emissions intensity reduction target from 2016 levels by 2028.
Its path to net zero anticipates partnerships with multiple stakeholders and progress in technology, policy, regulations and offset markets.
“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,” said Michael Wirth, Chevron’s chairman and CEO.