By Bojan Lepic, Rigzone
USA-based supermajor Chevron has set a target to cut emissions to net-zero by 2050 for equity upstream Scope 1 and 2 emissions.
Chevron issued an updated climate change resilience report that further details the company’s ambition to advance our lower-carbon future.
The company adopted a 2050 net-zero aspiration for equity upstream Scope 1 and 2 emissions. It is worth noting that unlike many other major companies like Shell and Eni, Chevron did not include greenhouse gases from all fuel products they sell or scope 3 in its net-zero pledge.
But, in its TCFD-aligned report, it describes how the company is incorporating Scope 3 emissions into its greenhouse gas emission targets by establishing a Portfolio Carbon Intensity (PCI) target inclusive of Scope 1 and 2 as well as Scope 3 emissions from the use of its products.
“Solutions start with problem-solving, which is exactly what the people of Chevron do – and have excelled at for over 140 years,” said Michael Wirth, Chevron’s chairman and CEO. “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.”
Chevron’s new PCI target assists with transparent carbon accounting and company comparison from publicly available data. The target covers the full value chain, including Scope 3 emissions from the use of products.
The oil major, which last month pledged to triple its investments to $10 billion to reduce its carbon emissions footprint, set a greater than 5 percent 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. The company plans to publish a PCI methodology document and online tool to enable third parties to calculate PCI for energy companies.
According to Chevron, its 2050 equity upstream Scope 1 and 2 net-zero aspiration builds on the company’s disciplined approach to target setting and action. Chevron anticipates that the path to this net-zero aspiration would include partnerships with multiple stakeholders and progress in technology, policy, regulations, and offset markets.
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