The company exceeded its 2023 upstream carbon intensity reduction targets three years ahead of schedule and today announced lower 2028 targets and zero routine flaring by 2030. The new targets align with the second stock-take period under the Paris Agreement and include all of Chevron’s production on an equity-basis:
— 24 kg CO2e / boe for oil and gas GHG intensity; a combined 35% reduction from 2016
— 3 kg CO2e / boe for overall flaring intensity; 65% lower than 2016
— 2 kg CO2e / boe for methane intensity; 50% lower than 2016
In addition, the company updated plans to increase renewable energy and carbon offsets and to invest in low-carbon technologies such as hydrogen and carbon capture, utilization and storage. Over the past several weeks, Chevron launched its second Future Energy Fund with an initial commitment of $300 million and announced a new bioenergy partnership in California with Schlumberger and Microsoft, designed to qualify as carbon negative.
The bioenergy with carbon capture and sequestration (BECCS) project is designed to produce carbon negative power in Mendota, California. The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity. More than 99% of the carbon from the BECCS process is expected to be captured for permanent storage by injecting carbon dioxide (CO2) underground into nearby deep geologic formations.