Chevron triples clean energy pledge to $10bn but sets no new net zero targets

Chevron triples clean energy pledge to $10bn but sets no new net zero targets
Chevron will spend $10bn over the next seven years boosting its renewable energy production and cutting its carbon pollution, as pressure mounts on US oil producers to clean up their operations.
The clean energy spending pledge is more than three times the amount previously committed but on an annual basis amounts to less than a tenth of its planned capital spending of about $15bn a year between now and 2025. “Chevron intends to be a leader in advancing a lower-carbon future,” Mike Wirth, its chief executive, said yesterday. “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets and customer relationships.” The US group’s move comes as investors and campaigners ratchet up the pressure on oil producers to help tackle global warming. Chevron shareholders defied management in May and voted for a resolution demanding the company set targets for so-called scope 3 emissions, or the pollution from the hydrocarbon products it sells. Chevron said it would increase production of hydrogen, renewable natural gas — derived from organic material — and renewable liquid fuels for use in transport, and capture or offset 25m tonnes of carbon a year by 2030. Last year Chevron’s emissions from operations amounted to 54m tonnes of carbon dioxide equivalent. It has announced small-scale low carbon-focused deals recently, including agreements to supply biofuels to Delta Air Lines. It has also set up hydrogen-based heavy industry proj ects, including a train, with Caterpillar. Yesterday’s announcement did not include new net zero targets or a fresh commitment to cut its scope 3 emissions, which exceeded 580m tonnes of CO2 equivalent last year. While European supermajors such as BP and France’s TotalEnergies have set out plans to build large solar and wind segments, Chevron and Exxon have resisted calls to follow suit. Wirth said bumper profits in the coming years from Chevron’s “base business” would help it finance the extra spending to clean up operations. Analysts at RBC Capital Markets said Chevron was “leaning into” the energy transition but were “surprised” by the absence of longer-term net zero targets.
Sep 15, 2021 13:49
financial times |


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