Chevron sets net-zero 2050 target for upstream emissions
Firm also sets 2028 scope three emissions reduction target of 5pc below 2016 baseline by 2028
US oil major Chevron has adopted a net-zero target for its scope one and scope two greenhouse gas emissions as well as a target to reduce scope one, two and three emissions by at least 5pc below a 2016 baseline by 2028. The firm says achieving upstream net-zero emissions by 2050 is reliant on continuing progress on carbon capture and storage (CCS) and nature-based offsets, as well as enabling government policy. The firm has issued a report outlining exactly how it intends to achieve these goals. “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,” says Michael Wirth,
Also in this section
23 April 2024
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
16 April 2024
US and European oil majors snap up smaller players and look to accelerate development in a region deemed to possess all the key elements for successful CCUS deployment
15 April 2024
Demand for credits seen rising 20% this year despite issues around integrity and standardisation
11 April 2024
Volatile allowance prices and small size of voluntary market undermine ability to drive investment, says Oxford Institute for Energy Studies