Chevron sets net zero goal and new GHG intensity target

Chevron has published an updated climate change resilience report that further details the company’s low-carbon ambitions.  In September, the company unveiled plans to invest more capital to grow lower carbon energy businesses, more than tripling its planned total capital investment to $10bn through 2028.

In its latest update, Chevron has adopted a 2050 net zero goal for equity upstream Scope 1 and 2 emissions. It also plans to incorporate Scope 3 emissions into its greenhouse gas (GHG) emission targets by establishing a portfolio carbon intensity (PCI) target that covers the full value chain.

The company has set a >5% 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.