First time the oil major has outlined a multidecade strategic commitment to reduce emissions
Chevron's offices in Los Angeles, California, the US. Pictrue: REUTERS/LUCY NICHOLSON
Chevron also set a target of reducing carbon intensity 5% from 2016 levels by 2028 for the full life cycle of its products, the San Ramon, California-based company said on Monday in a report. The target includes Scope 3 emissions, or those of its customers, in its pollution targets after losing a shareholder vote in May.
While the pledge falls short of those made by European peers such as Royal Dutch Shell and BP, it is the first time Chevron has outlined a multidecade strategic commitment to reduce emissions. The goals focused on carbon intensity, a relative measure to the amount of energy produced rather than absolute levels of pollution, which means the company can still grow overall production but must do so more cleanly.
In May shareholders voted for the company to reduce Scope 3 emissions, despite Chevron’s board urging them not to do so.
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