Chevron has established new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas.
Emission intensity is the emission rate of greenhouse gas per unit of energy produced.
Chevron intends to lower net GHG emission intensity of upstream oil and upstream natural gas by 5-10 per cent and 2-5 per cent from 2016 to 2023 respectively.
The timeline is in alignment with stocktake milestones set in the Paris Agreement on climate change.
The GHG emission intensity reduction metrics include all upstream Chevron oil and natural gas, regardless of operational control.
Chevron chairman and chief executive officer Mike Wirth said, “Global demand for energy continues to grow, and we are committed to delivering more energy with less environmental impact.”
The new reduction goals build on other actions to address climate change by lowering Chevron’s carbon intensity, increasing its use of renewable energy and investing in breakthrough technologies.
“Reducing greenhouse gas emissions is a global issue that requires global engagement and action,” Wirth said.
“We are taking action while continuing to deliver the affordable, reliable, ever-cleaner energy that enables human progress.”
Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity.
Chevron is a member of the Oil and Gas Climate Initiative and helps fund a $US1 billion ($1.4 billion) effort to develop new technologies and businesses to reduce GHG emissions.
The company also established a Future Energy venture capital fund to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources.
Chevron 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 five million tonnes per year.