Chevron Sets Net Zero Aspiration And New GHG Intensity Target

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  • Chevron reveals brand new GHG intensity target bent on achieving net-zero by 2050
  • direct Scope 1 emissions include the six Kyoto Protocol greenhouse gases (GHG)
  • while Scope 2 is considered to be indirect GHG emissions from imported electricity and steam
  • other indirect emissions are included in Scope 3, along with the use of products

U.S. oil major Chevron has adopted a 2050 net-zero aspiration for upstream Scope 1 and 2 emissions and set a new GHG intensity target for Scope 1, 2, and 3 emissions, expected to be reached by 2028 says a press release published on their website.

Scope 1,2 and 3 emissions

Direct Scope 1 emissions include the six Kyoto Protocol greenhouse gases (GHG). While Scope 2 is considered to be indirect GHG emissions from imported electricity and steam. Other indirect emissions are included in Scope 3, along with the use of products.

Lower carbon future

Chevron issued an updated climate change resilience report on Monday, outlining the company’s ambition to advance its lower carbon future by adopting a net-zero aspiration for equity upstream Scope 1 and 2 emissions expected to be achieved by 2050.

To establishing PCI target

The report, aligned with the Task Force on Climate-Related Disclosures (TCFD), describes how Chevron is incorporating Scope 3 emissions into its greenhouse gas emission targets by establishing a Portfolio Carbon Intensity (PCI) target inclusive of Scope 1 and 2 as well as Scope 3 emissions from the use of its products.

New PCI target

Furthermore, the firm’s new PCI target assists with transparent carbon accounting and company comparison from publicly available data, covering the full value chain, including Scope 3 emissions from the use of products.

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Source: Chevron

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