Oct. 11 (Reuters) – Chevron Corp (CVX.N) on Monday set a goal of reducing operational emissions to net zero by 2050, joining a list of energy companies taking action to reduce their carbon footprint.
The decision to reduce upstream emissions from its own operations and indirect emissions such as those from power generation comes as investors and governments increase pressure on energy companies to join the fight against climate change.
In June, shareholder Engine No. 1’s campaign forced Chevron’s US counterpart Exxon Mobil Corp (XOM.N) to accept new board members who could better oversee its business strategy and do so. in the face of the risk of global climate change that many investors say Exxon has long hesitated to address. (https://reut.rs/3BvXckB)
Chevron’s net zero targets do not include greenhouse gases from all the petroleum products they sell, unlike their European petroleum counterparts such as Royal Dutch Shell (RDSa.L) and Italian Eni (ENI. MID). Companies such as the Norwegian Equinor (EQNR.OL) and the Spanish Repsol (REP.MC) aim to reduce or eliminate all their emissions by 2050
Emissions of greenhouse gases, methane, the leading cause of climate change after carbon dioxide, come under closer scrutiny as governments seek solutions to limit global warming to 1.5 degrees , an objective of the Paris climate agreement.
Chevron hopes to achieve its goal through its pivot to low-carbon businesses, including renewables, carbon capture technology and hydrogen.
The oil major, which last month pledged to triple its investments to $ 10 billion to reduce its carbon footprint, said it aims to cut carbon intensity by more than 5% by now 2028 compared to 2016 levels.
Report by Rithika Krishna in Bengaluru; Editing by Vinay Dwivedi and Shinjini Ganguli
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