Chevron Corp. has committed to an "aspiration” of net zero emissions from its operations by 2050, as the company responds to rising investor and societal pressure to play a bigger role in a transition to a low-carbon future.
Chevron also set a target of reducing carbon intensity by 5% from 2016 levels by 2028 for the full life cycle of its products, the San Ramon, California-based company said Monday in a report. The target includes so-called Scope 3 emissions, or those of its customers, which make up the majority of fossil fuel pollution.
While the pledge falls short of those made by European peers such as Royal Dutch Shell PLC and BP PLC, it’s the first time Chevron has outlined a multi-decade strategic commitment to reduce emissions. U.S. majors have been more reticent in adopting bold, long-term targets due to uncertainty over how to actually achieve them, an unwillingness to make large moves outside their core competency areas and a desire to produce more oil and gas.