CHEVRON Corporation has set new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas.
Chevron in a statement explained that emission intensity is the emission rate of greenhouse gas per unit of energy produced. The company intends to lower upstream oil net GHG emission intensity by 5-10 per cent and upstream natural gas net GHG emission intensity by 2-5 per cent from 2016 to 2023. The timing is 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.
“Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact,” said Michael Wirth, Chevron’s chairman and Chief Executive Officer.
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.
