Ambitions
- In early 2019, Chevron implemented greenhouse gas intensity performance measures. By 2023, upstream methane emissions intensity will be lowered 20%-25% and flaring intensity will be reduced 25%-30% below 2016 levels. These performance measures:
- In October 2019, the company announced GHG intensity reduction metrics to lower upstream oil net GHG emission intensity by 5%-10% and upstream natural gas net GHG emission intensity 2%-5%, 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.
Investments
- Chevron established a new Future Energy Fund with an initial $100 million for venture capital investments in breakthrough technologies that enable the ongoing transition to a greater diversity of energy sources. Investments to date include EV charging, next-generation energy storage technology, autonomous transportation, and CO2 capture, utilization, and storage technologies (CCUS).
- The company committed $100 million to the Oil and Gas Climate Initiative’s (OGCI’s) Climate Investment Fund that invests in innovative startups focused on reducing emissions.
- It invested $1.1 billion in advancing CCUS through projects in Canada and the Gorgon Injection Project in Australia. The Gorgon Project is the largest of its kind in the world and represents the largest greenhouse gas abatement project undertaken by industry.
Innovation
- Chevron works with its partners to deploy renewable energy, including renewable transport fuels and power for its operations in the San Joaquin Valley and the Permian Basin.
- It supports the advancement of direct air capture technology to remove CO2 directly from the atmosphere.
- Chevron advances the use of dairy biomethane as a fuel for heavy-duty trucks, buses, and, eventually, off-road and farm equipment.
For more information, visit www.chevron.com/climate.
