Baku, Azerbaijan, Sept.19
By Leman Zeynalova - Trend:
The US Chevron company is to invest $100 million in technology to reduce greenhouse gas emissions, the company told Trend.
The company said it is taking action to address climate change and investing in technology and low carbon business opportunities that could reduce greenhouse gas emissions.
“Our board of directors established reduction targets for methane emissions intensity and flaring intensity. Along with other metrics, financial compensation for executives and most other employees will be linked to achieving these reductions,” said the US company.
Chevron said it has joined the Oil and Gas Climate Initiative.
“We will help fund that organization’s more than $1 billion effort to develop new technologies and businesses focused on reducing greenhouse gas emissions. Chevron established a Future Energy venture capital fund to invest $100 million in technology to reduce greenhouse gas emissions and enable the ongoing transition to a greater diversity of energy sources. We have invested $9 billion in research and development since 2000, including geothermal, battery technology and alternative fuels,” said the company.
Chevron said the company sees the Paris Agreement as a first step toward a global framework that is aligned with the company’s view that global engagement is necessary to solve this global issue. “As governments further consider pursuing specific policies and actions, Chevron remains committed to working with policymakers to help inform any decisions or actions.”
Carbon Tracker estimates that the world’s largest listed oil and gas companies ExxonMobil, Chevron, Shell, BP, Total, Eni and ConocoPhillips, with Equinor, each spent at least 30% of their investment in 2018 on projects that are inconsistent with a 1.6˚C world. The report found projects already sanctioned by the oil and gas industry will take the world beyond a 1.5˚C warming pathway.
Carbon Tracker is an independent financial think tank that carries out in-depth analysis on the impact of the energy transition on capital markets and the potential investment in high-cost, carbon-intensive fossil fuels.
Follow the author on Twitter: @Lyaman_Zeyn