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Chevron recently established new goals to reduce its greenhouse gas (GHG) emission intensity from oil and natural gas. The company intends to lower upstream oil GHG emission intensity by 5 to 10 percent and upstream natural gas GHG emission intensity by 2 to 5 percent from 2016 to 2023. Emission intensity is the emission rate of greenhouse gas per unit of energy produced.
The GHG emission intensity reduction metrics will apply to all upstream Chevron oil and natural gas, whether the company has operational control or not.
“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact," said Michael Wirth, Chevron's chairman and CEO.
The new reduction goals build on other actions Chevron is taking to address climate change by lowering the company’s carbon intensity, increasing its use of renewable energy and investing in breakthrough technologies. Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity. The company has also established a Future Energy fund to invest in technology to reduce GHG emissions and enable greater diversity of energy sources.
In addition, Chevron has invested more than $1 billion in carbon capture and storage projects in Australia and Canada which are expected to reduce GHG emissions by nearly 5 million metric tons per year. The company is also using renewable electricity to power some of its operations in California and Texas.
"Reducing greenhouse gas emissions is a global issue that requires global engagement and action," Wirth added. “We are taking action while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress.”
For more information, visit www.chevron.com.