Chevron announces 2028 emission reduction plans
March 10, 2021
Chevron announces new intensity targets and additional low carbon spending plans.
Chevron has published its new Climate Change Resilience report, outlining new 2028 upstream targets for cutting carbon intensity, as well as additional spending on low carbon projects and technologies. These targets align with the second stock-take period under the Paris Agreement.
Chevron is targeting a 40% reduction in the carbon dioxide intensity of oil production and 26% from gas production by 2028 (based on a 2016 baseline). It is also targeting a 53% reduction in the intensity of methane emissions by 2028.
To achieve those goals, Chevron expects to invest over $3 billion through 2028, with $2 billion dedicated to carbon-reduction projects, $750 million to investments in renewables and offsets, and an additional $300 million in the company’s low-carbon technology investment funds, bringing the total to $500 million.