Chevron has set a target to cut certain types of upstream gas emissions to net zero by 2050, joining a list of energy companies taking steps to reduce their carbon footprint. The organisation has issued an updated climate change resilience report that adopts a 2050 net-zero aspiration for upstream Scope 1 and 2 emissions.
In June, shareholder Engine no.1’s campaign forced Exxon Mobil, Chevron’s US peer, to accept new board members who could better exercise oversight over its business strategy and confront the risk of global climate change that many investors say Exxon has long been reluctant to address.
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The move to cut upstream Scope 1 and 2 gas emissions comes amid rising pressure on energy companies from investors, activists, and governments to join the fight to tackle climate change and sharply cut greenhouse gas emissions by mid-century.
Emissions of greenhouse gas methane – the second biggest cause of climate change after carbon dioxide – are facing more scrutiny as governments seek solutions to limit global warming to 1.5 °C; a goal of the Paris Agreement.
Last month, Chevron pledged to triple its investments to $10bn on reducing its carbon emissions footprint through 2028. It is expected to achieve its target through its pivot towards low-carbon business, including renewables, carbon capture technology, and hydrogen.
Michael Wirth, Chevron’s chairman and CEO, said in September: “Chevron intends to be a leader in advancing a lower-carbon future. Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
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