Chevron shares the concerns of governments and the public about climate change and recognizes that the use of fossil fuels to meet the world's energy needs is a contributor to an increase in greenhouse gases (GHGs) in the Earth's atmosphere.
The Intergovernmental Panel on Climate Change concluded in its Fourth Assessment Report, released in 2007, that "warming of the climate system is unequivocal," and that it is "very likely" that a significant level of warming is due to human activity.
GHGs come from a variety of sources—power generation, transportation, agriculture and land use, manufacturing, and other activities. Fossil fuels—coal, oil and natural gas—release carbon dioxide during production and consumption. Fossil fuels are also the primary source of energy for the global economy, which is in the midst of a long-term expansion that is contributing to a rising quality of life in many parts of the world, particularly in developing countries. Based on current projections of population and economic growth, the world's demand for energy will increase substantially over the next 25 years. The majority of that energy will be provided by fossil fuels, even as lower–carbon alternatives continue to emerge.
As we work to reduce GHGs, our collective challenge is to create solutions that protect the environment without undermining the growth of the global economy. We offer the following seven principles as guideposts for the development of policies.