GlobalData offers a comprehensive analysis of Chevron, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on Chevron‘s ESG performance. GlobalData’s company profile on Chevron offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
Chevron, a major energy company, is committed to reduce emission as part of its commitment to protecting the environment. Chevron aims to reach net-zero upstream emissions (Scope 1 and 2) by 2050. The company recognizes the importance of lower carbon energy and includes a range of existing and emerging energy solutions and services in its portfolio, such as renewables, abatement technologies, carbon capture and sequestration, blue and green hydrogen, geothermal, and nuclear. In 2022, the company reported its operated GHG emissions, with Scope 1 reaching 53 million tonnes CO₂e, Scope 2 emissions totaling 1 million tonnes CO₂e, and Scope 3 emissions amounting to 1,034 million tonnes CO₂e.
Chevron is actively working towards reducing its carbon and greenhouse gas (GHG) emissions. The company acknowledges the significance of carbon intensity and aims to produce and sell oil, natural gas, and hydrocarbon-based products with a carbon intensity below that of traditional counterparts. Chevron also recognizes the importance of nature-based solutions, such as the restoration of coastal and marine habitats, to absorb CO2 from the air. The company aims to achieve the following carbon intensity targets by 2028:71 g CO₂e/MJ for portfolio carbon intensity (Scope 1, 2, and 3), 36 kg CO2e/boe for refining carbon intensity (Scope 1 and 2), 24 kg CO2e/boe for gas carbon intensity (Scope 1 and 2), and 24 kg CO2e/boe for oil carbon intensity (Scope 1 and 2)
To achieve its net-zero targets, Chevron has taken steps to reduce emissions and plans to continue doing so in the future. The company has invested in technologies like carbon capture, utilization, and storage (CCUS) to capture and store carbon dioxide emissions. Chevron believes that the use of blue and green hydrogen as a fuel source can help reduce greenhouse gas emissions. The company also emphasizes the importance of gray hydrogen in de-risking technology and developing supporting infrastructure. Chevron is committed to exploring and utilizing a mix of green, blue, and gray hydrogen for its lower carbon businesses.
In conclusion, Chevron is committed to achieving net-zero emissions and has set ambitious targets for reducing its carbon and greenhouse gas emissions. The company is actively investing in technologies and solutions to reduce emissions, including carbon capture and hydrogen production. Chevron recognizes the importance of lower carbon energy sources and is working towards producing and selling products with lower carbon intensity. By implementing these measures, Chevron aims to contribute to global efforts in combating climate change and protecting the environment.