RATING
Outlook
Negative
SECTOR
Extraction of Crude Petroleum and Natural Gas
Chief Sustainability Officer
T: N/A
E-mail: N/A
Stock Exchange and Ticker
NYSE: CVX
Website
Contact
T: 704 758 100
E.mail: N/A
Listing
- Forbes 2021 The Best Employers For New Grads, #64/250
- Forbes 2021 World’s Best Employers, #172/250
- Best Place to Work for LGBTQ+ Equality by Human Rights Foundation
Awards
- Disability Equality Index
Revenue
$155,6B
Market Capitalisation
$239,5B
Employees
37.498
Content source
Chevron Sustainability Report
Evaluation of Chevron
In comparison with its industry peers, Chevron’s report has more certifications and awards. Chevron has been reporting on captured carbon for years, however the numbers are minute in comparison with its emissions. We are glad to see Chevron’s commitments of billions of dollars towards carbon capture technology and low-carbon investments – $10 billion to reduce its carbon emissions through 2028, with about $3 billion earmarked for renewable fuels.
However, it is not known how much Chevron invests in fossil fuels, thus it is impossible to say if the targets and achievements are impressive. Further, the company does not disclose any fossil fuels use reduction, it only mentions the use of carbon capture technology. There are also no tangible targets for the net-zero path and if so the targets are set on an intensity, not an absolute basis.
Chevron, which calls itself “the human energy company,” and as a provider of “affordable, reliable, ever-cleaner energy to improve people’s lives and enable human progress”, unfortunately has very damaging scandals on its account including ecological disasters and greenwashing.
Due to its main operations and unclear investment portfolio in the oil & gas industry, lack of bold commitments and clear energy transition targets, Chevron cannot be graded higher than F.
Sustainability Scorecard
Chevron Company Activity
Chevron describes its purpose to develop the affordable, reliable, ever-cleaner energy that enables human progress and its vision to be the global energy company most admired for its people, partnership and performance. The company was founded in 1906 and is headquartered in San Ramon, CA.
It has been supplying energy demands for more than a century through its Upstream business combining innovation and the effective use of technology to maximise mature fields and discover new resources. Its downstream business segment comprises mostly refining of crude oil into petroleum products, transportation, marketing, marine vessel, motor equipment, and rail car, and manufacturing and marketing of commodity petrochemicals, plastics for industrial uses, and fuel and lubricant additives.
Chevron Sustainability Activity - As per company declarations
Chevron wants to strive to protect the environment, empower people, and get results the right way, through lowering carbon intensity oil, products and natural gas and advancing new products and solutions that reduce the carbon emissions of major industries.
The company is focused on delivering affordable, reliable and ever-cleaner energy in line with the evolving global energy system.
Certificate & Labels, Standards and Frameworks
- ISO 14001:2015
- ISO 45001:2018
- Lloyd’s Register Quality Assurance, Inc. (LRQA), to verify Operational Excellence Management System (OEMS)
- International Sustainability and Carbon Certification PLUS
- SASB
- TCFD
- International Emissions Trading Association (IETA)
- Business Roundtable (BRT)
- NIST cybersecurity framework
- Task Force on Climate-related Financial Disclosures
Chevron in the news: Press Reviews and Social Media
- Why we’re holding Chevron accountable for its greenwashing campaigns
- Chevron is refusing to pay for the ‘Amazon Chernobyl’ – we can fight back with citizen action
- The Greenwashing Files – Chevron | ClientEarth
The scandals on company’s account include, the biggest of them, the oil spill in the Ecuadorian Amazon rainforest, so called “Amazon Chernobyl”, that is still yet to be cleaned. The spill was devastating – a 1,700-square-mile environmental disaster. After 18 years of court battles Chevron was burdened with $9.5bn in damages, but it has refused to pay up. THe company has also refused to clean up pollution left behind in the Niger Delta, Nigeria and in February 2021 Chevron spilled oil in Richmond, California—where nearby residents have long suffered from health impacts due to air and water pollution.
Lastly, Greenpeace, jointly with two other accountability organisations has filed a complaint with the Federal Trade Commission (FTC) asking them to hold Chevron, the world’s second largest polluter, accountable for greenwashing.
Highlights from Chevron Sustainability Report
Achievements
- > 35% GHG reduction target set for Upstream carbon intensity (Scope 1 and 2) by 2028 from 2016 baseline
- 2050 net zero aspiration adopted for Upstream GHG emissions (Scope 1 and 2);
- portfolio carbon intensity metric developed encompassing Scope 1, 2 and 3 GHG emissions
- launched Chevron New Energies
- 50% reduced gas flaring since 2016
- top quartile performance maintained in Upstream oil and gas GHG intensity
- 100+ engagements carried out with investors and stakeholders in 2021
- furthered commitment to transparency by disclosing all contributions to trade associations and publishing list twice a year
- Follows reporting guidelines of Sustainability Reporting Guidance for the Oil and Gas Industry (2020) by Ipieca, the International Association of Oil and Gas Producers (IOGP), and the American Petroleum Institute (API)
- Multiple cooperatives
- “Amazon Chernobyl
Weaknesses and Setbacks
- No clear progress numbers recorded
- No transparency on portfolio diversification toward green funds and initiatives
Targets vs Progress Reported
| Target | Results reported |
|---|---|
| Net-zero Upstream emissions (Scope 1 and 2) by 2050 | - Not clear progress |
| Goal to grow renewable fuels production capacity to 100,000 barrels per day by 2030 | - Not clear progress |
| $2B in carbon reduction projects by 2028 | - Not clear progress |
| $8B in lower carbon investments by 2028 | - Not clear progress |
