Chevron pledges to achieve net operational neutrality by 2050

Highlights

  • Chevron Corp decided to set targets for cutting and reducing operational emissions and become carbon neutral by 2050.
  • The company's net-zero goal doesn't include the sale of greenhouse gases that are produced from all fuel products.
  • Chevron will incorporate green and low carbon business in its portfolio including hydrogen, carbon capture technologies, and renewables.

The American multinational energy corporation, Chevron Corp on Monday decided to set targets for cutting and reducing operational emissions and become carbon neutral by 2050. This would be a significant step for the company to join the league for taking steps to reduce carbon footprints.

The significant move to cut emissions from its upstream operations and indirect emissions include indirect emissions from power generation sources as the government and investors are raising concerns on energy companies to combat climate change.

The company's net-zero goal doesn't include the sale of greenhouse gases that are produced from all fuel products, unlike Italy's Eni and Royal Dutch Shell of Europe. Companies such as Equinor, Repsol aims to reduce all emissions by 2050.

Enhancing portfolio through renewables

Government across the globe are seeking solutions to limit the global rise in temperature, as a part of the Paris Agreement goal hence, trying hard to reduce methane gas emission as it is the biggest source of climate change after carbon dioxide.

Carbon Dioxide Capture Technology

Source: © Dmitrynew83 | Megapixl.com

Chevron expects to achieve its target by incorporating green and low carbon business in its portfolio including hydrogen, carbon capture technologies, and renewables.

The oil giant has made commitments during the last month to triple its investment to US$10 billion to reduce its carbon emission footprints. The company aims to reduce carbon emission intensity by more than 5% by 2028 relative to 2016 levels.

Bottom Line

Chevron Corp decided to set targets for cutting and reducing operational emissions and become carbon neutral by 2050. By incorporating green and low carbon business in its portfolio.

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