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Chevron Sustainability Report

< Oil and Gas Home

RATING

F

Outlook

Negative

SECTOR

Extraction of Crude Petroleum and Natural Gas

Chief Sustainability Officer

Amir Ben-David (CSR & Community Relations Manager)

Contact Details:

LinkedIn

T: N/A 

E-mail: N/A 

Stock Exchange and Ticker

NYSE: CVX

Website

Chevron

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

  • Oil giant Chevron is cutting up to 15% of its workers and is requiring employees to reapply for jobs as it seeks to cut costs
  • 2021 Corporate Sustainability Report
  • 2021 Annual Report
  • Chevron raises clean energy bet with $3 billion Renewable Energy Group deal | Reuters

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

UN SDGs Compliance Analysis

Progress made toward SDG targets
As reported by Chevron

SDG 3 for Gucci
  • Supported the Global Fund to Fight AIDS, Tuberculosis and Malaria, which included emergency efforts to respond to the COVID-19 pandemic 
  • Sponsored and partnered with the American Heart Association and the Cancer Society on various health initiatives
  • Advanced 36 marginal abatement cost curve (MACC) projects to reduce carbon intensity of our own operations 
  • Completed and commissioned five MACC projects
  • Established Chevron New Energies to accelerate progress in renewable fuels; hydrogen; carbon capture, utilization and storage; and offsets 
  • Awarded U.S. patent to produce biofuels at scale using our Fluid Catalytic Converter technology
  • Launched a $248.5 million Direct Investment Fund in Kazakhstan 
  • Partnership with Asia Injury Prevention Foundation, which conducted quality road safety education in schools, increased road safety awareness in local communities, completed significant infrastructure modifications and enhanced the capacity of local government institutions 
  • TCO achieved its highest recorded local content share of spend with approximately 68% or $3.2 billion of 2021 spend with Kazakhstani businesses 
  • Brazil concession contract achieved approximately 46% of certified local content 
  • Australian business unit in joint government/industry initiative introduced the GeneratER innovation program to connect shared business and technical challenges with the local industry to spur innovation
  • Advanced 36 marginal abatement cost curve (MACC) projects to reduce carbon intensity of operations 
  • Completed and commissioned five MACC projects
  • Launched a global methane detection campaign to expand detection capabilities 
  • Since 2016, reduced Upstream methane intensity by more than 50%, inclusive of methane from our LNG operations 
  • Through the Oil and Gas Climate Initiative, committed to a collective methane-intensity target of well below 0.20% as a share of market gas by 2025
SDG 13 Climate Action
  • Advanced 36 marginal abatement cost curve (MACC) projects to reduce carbon intensity of operations & completed and commissioned five MACC projects
  • Launched a global methane detection campaign to expand detection capabilities 
  • Since 2016, reduced Upstream methane intensity by more than 50%, inclusive of methane from our LNG operations 
  • Through the Oil and Gas Climate Initiative, committed to a collective methane-intensity target of well below 0.20% as a share of market gas by 2025
  • Established Chevron New Energies to accelerate progress in renewable fuels; hydrogen; carbon capture, utilization and storage; and offsets 
  • Awarded U.S. patent to produce biofuels at scale using our Fluid Catalytic Converter technology
  • Published 4th report aligned with Task Force on Climate-related Financial Disclosures 
  • Building on 2020 Climate Lobbying Report, created an updated lobbying and trade association webpage
  • Chevron Shipping became a signatory to the Sea Cargo Charter & all ships continue to have ballast water treatment systems
  • Chevron Shipping became a signatory to the Sea Cargo Charter 
  • All ships continue to have ballast water treatment systems
SDG 17 - Partnership
  • Multiple partnerships

Sustainability Certificates, Awards and Listings

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