Chevron (CVX) Sets Net Zero Aspiration and New GHG Intensity Target: Expect Big Growth in October?

Recently, the company announced an updated climate change resilience report that further details the company’s ambition to advance the lower-carbon future. Chevron has adopted a net-zero commitment by 2050 for upstream Scope 1 and 2 emissions. Meanwhile, Chevron includes emissions in Area 3 in its greenhouse gas emissions targets by setting a portfolio Carbon Intensity Target (PCI) that includes Areas 1 and 2 and emissions in Area 3 from the use of its products. Despite this, the price incessantly surges from $93.44 to $108.08, resulting in a 15% profit within a month.

Furthermore, Chevron’s 2050 equity upstream Scope 1 and 2 net-zero objective further relies on the company’s rigorous target-setting and execution strategy. Multi-stakeholder collaborations, technological advancements, legislation, regulation, and offset markets are all part of the route to net-zero. Also, Chevron’s new PCI target promotes transparent carbon accounting and public data comparison. The target covers the entire value chain, including Scope 3 ejections from the use of the products. The company has set a goal of more than a 5% reduction in carbon intensity from 2016 levels by 2028.

April Sanchez

Business and Tech Reporter