Chevron Sets New GHG Reduction Goals
Chevron Corporation revealed Thursday that it has set new greenhouse gas (GHG) reduction goals.
The company intends to lower upstream oil net GHG emission intensity by 5 to 10 percent and upstream natural gas net GHG emission intensity by 2 to 5 percent from 2016 to 2023.
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," Michael Wirth, Chevron's chairman and CEO, said in a company statement.
"Reducing greenhouse gas emissions is a global issue that requires global engagement and action," Wirth added.
“We are taking action, while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress,” he continued.
Chevron is a member of the Oil and Gas Climate Initiative (OGCI) and is helping fund a $1+ billion effort to develop new technologies and businesses to reduce GHG emissions. The company has also established a Future Energy venture capital fund to invest in technology to reduce GHG emissions.
Earlier this year, Chevron established reduction goals for methane emission intensity and flaring intensity.
Chevron describes itself as one of the world’s leading integrated energy companies. The company reported earnings of $4.3 billion for the second quarter, a notable increase from the $3.4 billion earnings reported in the second quarter of 2018.
The OGCI is a voluntary CEO-led initiative. In addition to Chevron, members include BP, ExxonMobil, Saudi Aramco, Shell, Total and Eni.
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