Chevron
On October 11th, 2021, Chevron adopted a 2050 net zero aspiration for ‘equity upstream’ Scope 1 and 2 emissions. 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. In addition, Chevron New Energies was launched with $10 billion capital allocation through 2028.
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Sustainability Report
About Company
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Apart from Scope 1 and 2 net zero targets by 2050, Chevron has set a ‘greater than 5 percent carbon emissions intensity reduction target’ by 2028 from 2016 levels. 2030 targets include:
The production of 150,000 metric tons of green, blue and grey hydrogen per year.
Carbon capture of 25 million tons of CO2 per year.
The production of 40 billion BTUs of renewable natural gas per day.
The production of 100,000 barrels of renewable fuels per day.
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In 2020, more than 60% of Chevron’s Scope 1 and Scope 2 equity emissions were in regions with existing or developing carbon-pricing policies. Equity emissions include emissions from operated and non-operated joint-venture assets based on Chevron’s financial interest. To reduce emissions, Chevron believes a price on carbon is the most efficient mechanism for public policy because it harnesses market forces.
It remains unclear which carbon price Chevron adheres to for internal accounting.
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No shore power projects have been identified.
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Chevron’s refinery in Richmond is its oldest refinery and creates products since 1902. Richmond now produces approximately 60% of jet fuel for major Bay Area airports, approximately 20% of the gasoline in Northern California and 100% of the paraffinic base oils on the West Coast. Its strong distribution network, coupled with excess capacity in a new hydrogen unit, is expected to put Richmond in an advantaged position to grow a profitable hydrogen business. Chevron plans to use Richmond’s volumes, combined with existing and future strategic partnerships, as the foundation to support demand growth for hydrogen. In addition, Chevron recently initiated two green hydrogen pilot projects – one utilizing a gasified waste stream and another a solar-powered electrolyser.
Chevron, along with three other entities, invested in Series A funding totalling $20 million in Raven SR. Raven SR plans to build modular waste-to-green hydrogen production units and renewable synthetic fuel facilities initially in California and then worldwide.
Chevron has agreements in place with Toyota, Cummins and Caterpillar to explore commercially viable hydrogen opportunities. These agreements cover an array of topics, from public policy to hydrogen-powered transportation to infrastructure.
In 2021, Chevron announced an investment in Hydrogenious, a potential bulk hydrogen storage and transportation technology. In addition, Chevron announced in early 2022 an agreement with Iwatani to co-develop and construct 30 hydrogen fuelling sites in California by 2026.
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Chevron believes net zero upstream emissions by 2050 is unlikely without scaled deployment of CCS and other CO2 removal technologies. Chevron sees opportunities in two areas: reducing the carbon intensity of existing assets and growing its carbon capture business, primarily through hubs with third-party emitters as partners and customers.
Initial carbon capture projects have been focused on decarbonizing existing assets – such as the Gorgon facility, one of the largest sequestration projects in the world, with a capacity to store up to 4 million tonnes of CO2 per year. Chevron is targeting 25 million tonnes of CO2 per year in equity storage by 2030.
Furthermore, Chevron and more than 10 industry partners have agreed to support large-scale deployment of carbon capture and storage (CCS) to help decarbonize industrial facilities in Houston, Texas, one of the largest concentrated sources in the United States. The organizations are considering using CCS technology at facilities that generate electricity and manufacture everyday products such as plastics, motor fuels and packaging. The collaboration could lead to capturing and storing up to 50 million metric tons of CO2 per year by 2030 and about 100 million metric tons by 2040.
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Chevron collaborates with governments, industry peers, academia, environmental NGOs and local communities to help better characterize and manage biodiversity, identify areas to positively affect biodiversity, support development of credible and meaningful environmental solutions and industry standards, and shape relevant policy.
Chevron is a member of the Ipieca Environment Group Impact Assessment Task Force.
Chevron is a member of the Influence of Structures In The Ecosystem (INSITE) program. The objective is to provide stakeholders with independent science-based studies to better understand the influence of man-made structures on the ecosystem of the North Sea.
In 2021, Chevron joined the Global Water Solutions Project of the World Business Council for sustainable Development (WBCSD).
For more than 15 years, Chevron has worked with Conservation Volunteers Australia, and in 2021, Chevron Australia announced a new initiative to support nature-based solutions to climate change. The initiative will result in 10 wetland locations across Australia receiving critical restoration.
Chevron, in collaboration with the American Petroleum Institute’s Diversity, Equity and Inclusion working group, is leading a workstream with Opportunity@Work, to recruit talented individuals from less traditional educational backgrounds and promote diversity.
Chevron and more than 10 industry partners have agreed to support large-scale deployment of carbon capture and storage (CCS) to help decarbonize industrial facilities in Houston, Texas, one of the largest concentrated sources in the United States. The organizations are considering using CCS technology at facilities that generate electricity and manufacture everyday products such as plastics, motor fuels and packaging. The collaboration could lead to capturing and storing up to 50 million metric tons of CO2 per year by 2030 and about 100 million metric tons by 2040.
Chevron has agreements in place with Toyota, Cummins and Caterpillar to explore commercially viable hydrogen opportunities. These agreements cover an array of topics, from public policy to hydrogen-powered transportation to infrastructure.
In 2021, Chevron announced an investment in Hydrogenious, a potential bulk hydrogen storage and transportation technology. In addition, Chevron announced in early 2022 an agreement with Iwatani to co-develop and construct 30 hydrogen fuelling sites in California by 2026.
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Available soon
Frequently Asked Questions
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