June 24, 2023
Source: The Guardian
A new investigation into Chevron’s climate pledge has found the fossil-fuel company relies on “junk” carbon offsets and “unviable” technologies, which do little to offset its vast greenhouse gas emissions and in some cases may actually be causing communities harm.
Chevron, which reported $35.5bn in profits last year, is the US’s second-largest fossil fuel company with operations stretching from Canada and Brazil to the UK, Nigeria and Australia.
Despite major expansions in five continents, Chevron has said that it “aspires” to achieve net zero upstream emissions by 2050. To do this, it is mostly relying on carbon offset schemes – environmental projects meant to cancel out its greenhouse gas emissions – and carbon capture and storage (CCS) technologies.