Chevron believes CCS and offsets will be needed
Chevron sets net-zero 2050 target for upstream emissions
Firm also sets 2028 scope three emissions reduction target of 5pc below 2016 baseline by 2028
US oil major Chevron has adopted a net-zero target for its scope one and scope two greenhouse gas emissions as well as a target to reduce scope one, two and three emissions by at least 5pc below a 2016 baseline by 2028. The firm says achieving upstream net-zero emissions by 2050 is reliant on continuing progress on carbon capture and storage (CCS) and nature-based offsets, as well as enabling government policy. The firm has issued a report outlining exactly how it intends to achieve these goals. “This report offers further insights about our strategy, how we are investing in lower-carbon businesses and why we believe this is an exciting time to be in the energy industry,” says Michael Wirth,
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