Chevron has updated its climate change resilience report in which it reveals that it has adopted a 2050 net zero aspiration for equity upstream Scope 1 and 2 emissions. The report also provides details on the firm’s new 2028 greenhouse gas (GHG) emission intensity target for Scope 1, 2, and 3 emissions.
As many as eleven companies are supporting the large-scale deployment of carbon capture and storage (CCS) technology in Houston in order to decarbonize industrial units in the region. Together they are planning to potentially capture and safely store up to 50 million metric tons of CO2 per year by 2030 and about 100 million metric tons by 2040.
Chevron has plans to invest more than 10 billion dollars by 2028 to achieve its 2030 growth targets for new energy businesses such as renewable fuels, hydrogen, and carbon capture. This includes 2 billion dollars to lower the company’s carbon intensity operations.
Under a MOU, Chevron and Bunge are planning to set up a joint venture to develop renewable fuel feedstocks in the background of the rising demand for renewable fuels. For this purpose, Bunge will provide its soybean processing facilities while Chevron will contribute approximately 600 million dollars in cash to the joint venture.
Brightmark and Chevron under their joint venture Brightmark RNG Holdings have plans to own projects across the USA in order to produce and market dairy biomethane, a renewable natural gas. The renewable natural gas can be used for vehicles operating on compressed natural gas.
Under a MOU signed between Chevron and Cummins, both the companies will explore a strategic alliance to develop commercially viable business opportunities in hydrogen and other alternative energy sources.
Chevron Phillips Chemical’s new world-scale unit has broken ground in Old Ocean, Texas, USA. The 266 KTA plant will make use of the company’s proprietary on-purpose 1-hexene technology to produce exceptional purity comonomer grade 1-hexene from ethylene in order to expand its alpha olefins business.
Chevron has decided to reduce its 2020 capital spending plan by 4 billion dollars and Permian production guidance by 20 %. These measures are expected to protect the dividend, prioritise long-term value, and support the industry leading balance sheet.