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As the company announced, emissions in operation should be reduced to zero by 2050 or at least compensated. Monday’s announcement gave few details about how the company intends to achieve net zero emissions. Additionally, unlike other companies, Chevron has waived its commitment to achieving the goal.
So far, the American group has confirmed that it will not set any corresponding goals without a concrete plan. However, at the beginning of this year, nearly 61 percent of shareholders voted in favor of a proposal that the company should significantly reduce its product emissions. In the lead-up to the vote, Chevron advised its investors to vote against this target.
Investors are increasingly demanding that oil companies move beyond fossil fuels and strategize how to deal with tougher global climate targets. Several major oil companies in Europe, including BP and Shell, have committed since 2020 to reduce net carbon emissions at their plants to zero.
“We are in regular contact with stakeholders and investors to understand their views and respond to their growing expectations across the board, including ESG,” said Chevron Board Member Ronald Sugar. “Our updated report demonstrates our goal of working with multiple stakeholders to move toward a low-carbon future.”
At times, Chevron’s stock on the New York Stock Exchange rose 0.01% to $107.15.
New York (Dow Jones)
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