Chevron Updates Climate Report

Changes to March 2018 report discuss “the company’s approach to managing climate change risks and its resilience under a low carbon scenario.”

February 12, 2019

SAN RAMON, Calif. – Chevron Corporation issued updates to supplement the company’s Climate Change Resilience: A Framework for Decision Making report. The changes show the company’s insight on climate change governance and discusses what would happen in a low carbon scenario.

“This update highlights work we are doing to address climate change risks to our business and new opportunities we’re pursuing. It incorporates responses to some of the thoughtful insights stockholders have shared with us during our engagements,” said Michael Wirth, Chevron’s chairman and chief executive officer, in a press release. “We look forward to ongoing conversations on how we are managing climate risks to our business and taking on new opportunities to reduce greenhouse gas emissions and develop lower carbon energy.”

The Board of Directors will exercise some oversight in the responsibilities associated with climate change. They already established greenhouse gas emissions performance measures over all of Chevron’s equity ownership of oil and gas assets that will help determine compensation for executives and other employees beginning this year.

According to the press release, “the metrics aim to reduce methane emissions intensity by 20-25% and flaring intensity by 25-30% from 2016 – 2023, aligned with the timing of milestones in the Paris Agreement.”