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Background: Today, Chevron announced a new energy transition strategy at its annual “Investor Day” event. Chevron set new targets to reduce intensity of its pollution, failing to commit to reducing its overall emissions. The “intensity” metric refers to scope 1 and scope 2 pollution created per unit of oil and/or gas, which allows the company to actually increase climate and health pollution through expansion. Chevron also made no mention of scope 3 emissions, which are emissions related to the burning of its fossil fuel product downstream, that other major oil and gas companies have included in their climate commitments. 

Statement of Josh Eisenfeld, Earthworks Corporate Accountability Campaigner:  

“Chevron once again fails to set climate targets that would legitimately cut their methane pollution in line with the Paris Agreement. Instead, Chevron is misleading their investors and the public by promising reductions in “emissions intensity” per barrel of oil or gas, while signaling elsewhere an expansion of drilling in the Permian Basin and leaving open the door to overall increases in climate and health pollution. Chevron cannot have its cake and eat it too.

“The intensity metric is meant to confuse the public on the difference between a climate and health measurement and an economic one. For climate and health, total methane pollution from all operations is what matters–and it is increasing at an alarming rate.

“If Chevron wants to lead on climate, they should announce a commitment to encourage President Biden to use the full extent of the Clean Air Act to cut methane 65% by 2025.”