Chevron Sets Above 5% Carbon Emissions Intensity Reduction Target From 2016 Levels By 2028

(RTTNews) - Chevron Corporation (CVX) has set a 2050 net zero target for equity upstream Scope 1 and 2 emissions in its updated climate change resilience report issued on Monday.

The company said it aims to reduce carbon emissions more than 5 percent from 2016 levels by 2028.

The report, which is in line with the Task Force on Climate-Related Disclosures (TCFD), describes the company's Portfolio Carbon Intensity (PCI) target inclusive of Scope 1 and 2 as well as Scope 3 emissions.

Scope 1 includes direct emissions of the six Kyoto Protocol greenhouse gases (GHG), Scope 2 includes indirect GHG emissions, and Scope 3 includes other indirect emissions, including use of products.

"Chevron's 2050 equity upstream Scope 1 and 2 net zero aspiration builds on the company's disciplined approach to target setting and action. The path to this net zero aspiration anticipates partnerships with multiple stakeholders and progress in technology, policy, regulations, and offset markets," the company said.