Greenhouse gas (GHG) emissions are one of the major causes of rising global warming and the Oil & Gas industry accounts directly & indirectly for one-third of the global emissions. CO2, Methane & NOx gases form a major part of greenhouse gases which are released by burning Oil, Fossil Fuels, etc. Due to rising GHG emissions from companies, it became important among major contributing sectors to report gas emissions during their operations.
Chevron Corp (Chevron) is an integrated oil and gas company. The company explores, produces, and transports crude oil and natural gas. Total GHG emissions reported by Chevron in 2021 were 672 million tonnes CO2 equivalents (MtCO2eq), a growth of 4.8% from 2020. The company has set a target of around 35% GHG reduction for upstream carbon intensity by 2028. The company has identified nearly 100 GHG abatement projects and plans to spend more than $300 million in 2022.
GHG emissions are generally classified into Scope 1,2 & 3 emissions. Scope 1 emissions are direct GHG emissions that occur from sources that are owned or controlled by the company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc. Scope 2 accounts for GHG emissions from the generation of purchased electricity consumed by a company. Scope 3 emissions form the major portion of total GHG emissions for Chevron. According to the company, Scope 3 emissions are related to the assumed combustion of upstream production of crude oil, natural gas, and natural gas liquids. Scope 3 emissions accounted for around 91% of the total GHG emissions while Scope 1 accounted for around 8% of the total GHG emissions by Chevron in 2021.
Chevron is putting efforts to reduce emissions with an aim to lead to lower carbon intensity oil, products, and natural gas and to advance new products and solutions that reduce the carbon emissions of major industries.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer