PCI - Chevron commits to net zero emissions from its operations by 2050

Chevron (CVX +0.2%) adopts a 2050 net zero aspiration for equity upstream Scope 1 and 2 emissions, and sets new 2028 GHG intensity target for Scope 1, 2, and 3 emissions. Chevron also says it will establish a Portfolio Carbon Intensity target to include Scope 1 and 2 as well as Scope 3 emissions from the use of its products. The company expects to achieve the targets through investment in renewable fuels, carbon capture technology and hydrogen. Chevron's pledge falls short of those made by European peers but it is the first time the company has outlined such a long-term strategic commitment on emissions. Chevron last month pledged to triple its spending in lower-carbon energy businesses to $10B through 2028, including $2B to cut the carbon intensity of its operations.

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Chevron commits to net zero emissions from its operations by 2050