Most of us have been dreaming about a planet with clean air to breathe, and a friendly place to live but have never thought that this dream will come true. In the recent global trends, you will realize how hard the planet is working to reduce emissions. People are trying to make-up for all the harm our industries and other human-made activities have brought about in the climate, including harsh weather conditions and polluted air.
Recently, Chevron Corporation announced its plans to increase its capital returns and lower the carbon concentration. Chevron exceeded its 2023 carbon intensity decrease target in 2020. This information means that the company is three years ahead of schedule. From these facts, you can tell that the transition to clean energy is here, and it is inevitable. As a result, many companies and industries must adapt to these changes before the planet forces them to change.
On March 9th, 2021, the company announced its 2028 targets and achieve the net-zero emission target by 2030. The new targets match the second-take period in the Paris Agreement, which includes all its products based on equity. It contains 24 kg CO2 emission for oil and gas, leading to a combined reduction of 35% from 2016.
There is also the 3 kg CO2 emission on the total flaring intensity resulting in a 65% reduction from 2016 and a 2 kg CO2 emission on methane intensity resulting to 50% lower in comparison to 2016. Other than that, Chevron stated plans to increase renewable energy and carbon offsets. Not to mention investments in low-carbon technologies, including hydrogen and carbon capture, storage, and utilization.
In the last few weeks, the company launched its second Future Energy Fund with its initial budget of $300 million. Also, it announced a new California-based bioenergy partnership with Schlumberger and Microsoft. This joint venture aims to negate the companies’ carbon emissions. It is a bioenergy project with carbon capture and sequestration that aims to generate carbon-free power in Mendota.
The project involves creating the BECCS plant, which will convert agriculture waste biomass, including almond trees, into renewable gas. Later, the synthesis gas will be put in a combustor alongside oxygen to generate electric power. The carbon capture technology will capture over 99% of the carbon from the manufacturing process for permanent storage. How do you achieve permanent storage for carbon gases? You can inject the gas underground into a deep geologic formation to hold it permanently.
Chevron is one of the States’ companies that is demonstrating the true meaning of an energy transition. It serves as an example to other companies as they set up projects to reduce carbon emissions.