the energy transitionwe accept science and are part of the energy future
Climate change is real and human activity contributes to it. We accept the findings of the Intergovernmental Panel on Climate Change and support the Paris Agreement.
Demand for oil and gas will require continued investment even under aggressive low-carbon scenarios.
global CO2 emissions reductions in the IEA’s scenarios (Gt)
The dotted line shows the current emissions trajectory. The International Energy Agency’s (IEA) Stated Policies Scenario (STEPS), shown by the green line, projects a “most likely” outcome based on today’s announced energy policies. The IEA Sustainable Development Scenario (SDS), shown by the light blue line, depicts the trajectory that would be necessary to achieve the objectives of the Paris Agreement.
even under the IEA SDS, oil and gas are projected to meet 47 percent of a greater total energy demand in 2040, compared to 54 percent in 2018.
projected oil supply gap in 2040 under SDS: 10 million barrels per day (mmbd)
what we do is good
Our products enable human progress and help solve global challenges.
Overcoming poverty, protecting the planet and promoting prosperity are all dependent on affordable and ever-cleaner energy. We’re proud to contribute to the U.N.’s Sustainable Develop-ment Goals (SDGs).
what we do is essential
From the ordinary to the extraordinary, our products help improve the quality of life
air travel
agriculture
electricity
technology
we aspire to deliver economic value while protecting the environment
Chevron has a long history of investing in ever-cleaner energy through our internal research and collaboration with governments, businesses and universities.
Today, we aim to find more reliable, affordable and lower-carbon solutions that scale. In this pursuit, we are committed to three focus areas.
focus area 1: lower carbon intensity cost efficiently
2–5%
net reduction in GHG intensity for gas production
5–10%
net reduction in GHG intensity for oil production
20–25%
net reduction in methane emissions intensity
25–30%
net reduction in flaring intensity
2023 targets on a baseline of 2016. Intensity reductions measured on an equity basis. These metrics are being tied to compensation to all of our executives and 45,000 Chevron employees.
focus area 2: increase renewables in support of our business
Partners include:
Power Purchase Agreements (PPA): a recently-constructed West Texas wind farm that will help power our Permian operations and an under-construction Southern California solar project to deliver low-carbon electricity to the Lost Hills oil field
Biofuels manufacturing: we are developing one of the first co-processing plants at El Segundo, enabling the production of biofuels
CalBioGas: producing dairy biomethane as a fuel for heavy-duty vehicles
Novvi: jointly developing novel renewable base oil technologies for a range of lubricant applications
we do it the right way
That’s The Chevron Way.
As a leader, we continue to work with governments and stakeholders around the world on a constructive path forward, and have taken the following key steps:
We support the Paris Agreement.
We accept the findings of the Intergovernmental Panel on Climate Change (IPCC), and see the Paris Agreement as an important step towards meeting the global challenge.
We support a price on carbon.
We have long supported a price on carbon. In 2019, leaders of our industry, including our CEO Mike Wirth, pledged to do their part to transition the planet to a low-carbon future, including support for a price on carbon.
We invest in a lower carbon footprint.
Chevron is investing in emerging technologies with a $100 million commitment to our Future Energy Fund, which launched in 2018.
We promote transparency.
Chevron publicly discloses how we manage climate risks and opportunities, in alignment with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We are the first integrated oil and gas company to develop GHG metrics based on net ownership, which is a more accurate measurement of GHG emissions.
focus area 3: invest in the future targeting breakthrough technologies
Our current investments in breakthrough technologies include:
ChargePoint: the world’s leading electric vehicle charging network
Voyage: developing an autonomous vehicle (AV) for on-demand mobility service
Natron Energy: developer of next-gen sodium-ion battery products
Carbon Engineering: advancing technology to remove CO? directly from the atmosphere
we partner for a lower-carbon future
A substantial part of our effort is devoted to the Oil and Gas Climate Inititative (OGCI).
13
companies
In 2018, we joined the OGCI, a coalition of 13 global companies.
30%
The member companies represent roughly 30 percent of the world’s total production.
24kg
CO?/BOE
The member carbon-intensity baseline is 24kg CO?,versus the industry average of 49kg CO? for oil and 67kg CO? for gas.
$100M
We have pledged $100 million to OGCI Climate Investments, a more than $1 billion fund established by OGCI to reduce the carbon footprint of the energy and industrial sectors.
