Oil major Chevron has set new goals to reduce net greenhouse gas (GHG) emission intensity from its upstream oil and natural gas operations.
Emission intensity is the emission rate of greenhouse gas per unit of energy produced.
Chevron said that it intended to lower upstream oil net GHG emission intensity by 5-10 percent and upstream natural gas net GHG emission intensity by 2-5 percent from 2016 to 2023.
The company added that the timing was aligned with stocktake milestones set in the Paris Agreement on climate change.
The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not.
“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,” Chevron stated.
It is worth noting that Chevron is a member of the Oil and Gas Climate Initiative and is helping fund a $1+ billion effort to develop new technologies and businesses to reduce GHG emissions.
OGCI, formed in 2014, is today made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell, and Total. All of them together account for 32% of global operated oil and gas production.
The Initiative launched a new initiative last month to unlock large-scale investment in carbon capture, use, and storage (CCUS).
Dubbed a crucial tool to achieve net-zero emissions, OGCI’s CCUS KickStarter initiative is designed to help decarbonize multiple industrial hubs around the world, starting with five hubs in the US, UK, Norway, the Netherlands, and China.
The aim of the KickStarter is to create the necessary conditions to facilitate a commercially viable, safe and environmentally responsible CCUS industry, with an early aspiration to double the amount of carbon dioxide that is currently stored globally before 2030.
It is also worth noting that Chevron established a Future Energy venture capital fund to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources.
The company has also invested more than $1 billion in carbon capture and storage projects in Australia and Canada which are expected to reduce GHG emissions by about 5 million metric tons per year.
Michael Wirth , Chevron’s chairman and CEO, said: “Reducing greenhouse gas emissions is a global issue that requires global engagement and action. We are taking action while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress.”
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