ASSESSMENT OF CHEVRON’S CLIMATE STRATEGY

The report finds that Chevron's strategy prioritizes oil and gas expansion and shareholder returns over sustainable energy. Its projected 2030 production levels and LNG capacity exceed NZE requirements, while its diversification efforts are described as marginal and focused on unsustainable energies like bioenergy and fossil-fuel-based hydrogen.

• Chevron's financial priorities favor fossil fuels and shareholders over climate solutions. In 2023, the company invested US$15,451 million in oil and gas and returned US$26,014 million to shareholders via dividends and buybacks, while providing no communication on investments in sustainable energies.
• Chevron's oil and gas production is not aligned with the IEA NZE scenario. Based on current producing fields and short-term expansion, 2030 production will be 4% higher than NZE levels; if the company meets its target of a 3% yearly increase by 2027, 2030 production will be 24% above NZE alignment.
• The company's LNG strategy exceeds NZE capacities. Chevron plans to add 2.1 Mtpa of liquefaction capacity through NewMed LNG in Israël, bringing its 2030 total net liquefaction capacity to 19.8 Mtpa, which is 11.6% above NZE levels.
• Chevron's diversification into low-carbon energy is marginal and relies on 'unsustainable' sources. The company targets 5.3 Mtpa of biofuel production by 2030 and 0.15 Mtpa of hydrogen production by 2030, the latter of which is highlighted as being produced from natural gas with CCUS.
• Chevron's emissions targets are insufficient, particularly regarding Scope 3 emissions, which constitute 87% of its total emissions (391 MtCO2e in 2022). The company has no Scope 3-only targets by 2028 and no commitment to Scope 3 carbon neutrality by 2050.
• The company relies heavily on Carbon Capture, Utilization and Storage (CCUS), targeting 25 Mtpa of CO2 capture by 2030. The report notes this represents a material risk due to the limited potential and prohibitive costs of CCUS in the energy sector.

APA

Delaporte, L.-M., Her, H., & Gebel, B. (2024). ASSESSMENT OF CHEVRON’S CLIMATE STRATEGY. Reclaim Finance. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-chevron.pdf

Chicago

Delaporte, Louis-Maxence, Henri Her, and Bastien Gebel. ASSESSMENT OF CHEVRON’S CLIMATE STRATEGY. Reclaim Finance, 2024. https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-chevron.pdf.

Wikipedia

{{cite report |last1=Delaporte |first1=Louis-Maxence |last2=Her |first2=Henri |last3=Gebel |first3=Bastien |title=ASSESSMENT OF CHEVRON’S CLIMATE STRATEGY |publisher=Reclaim Finance |date=May 2024 |url=https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-chevron.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{delaporte2024assessment, author = {Delaporte, Louis-Maxence and Her, Henri and Gebel, Bastien}, title = {{ASSESSMENT OF CHEVRON’S CLIMATE STRATEGY}}, institution = {Reclaim Finance}, year = {2024}, month = may, url = {https://reclaimfinance.org/site/wp-content/uploads/2023/04/20230413-briefing-climate-strategy-assessment-chevron.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }