Chevron shares the concerns of governments and the public about climate change risks and recognizes that the use of fossil fuels to meet the world’s energy needs contributes to the rising concentration of greenhouse gases (GHGs) in Earth’s atmosphere. GHGs contribute to increases in global temperatures. We apply cost-effective technologies to improve the energy efficiency of our base business operations and capital projects. As we work to address climate risks, we must create solutions that achieve environmental objectives without undermining global economic growth and our aspirations for a better quality of life for all.
At Chevron, we maintain and report inventories of our emissions, undertake projects to manage operating emissions and apply innovative technologies to improve the energy efficiency of our operations. GHGs come from a variety of sources, including power generation, transportation, agriculture, land use, manufacturing and other activities. Fossil fuels – coal, oil and natural gas – release carbon dioxide during production and consumption. Fossil fuels also are the primary source of energy for the global economy and a contributor to the rising quality of life in many parts of the world. Trillions of dollars will need to be spent to keep the world supplied with energy in the decades ahead. Most forecasts call for global energy demand to rise by approximately one-third or more by 2040 as populations grow, incomes rise and people all over the world strive for higher living standards. We share the view of many industry analysts that oil and natural gas will remain a major portion of energy supply for the foreseeable future.
Reducing GHG emissions in the face of rising energy demand presents a challenge to our global society. As we work to address climate change risks, we must create solutions that achieve environmental objectives without undermining growth of the global economy and our aspirations for a better quality of life for all.
Our Policy Principles for Addressing Climate Change have guided our actions and policy views for the past 10 years.
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Greenhouse gas management
We are committed to managing the GHG emissions from our operations.
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Managing climate change risks
Consideration of GHG issues, climate change–related risks and carbon-pricing risks are integrated into Chevron's strategy, business planning, and risk management tools and processes. In March 2017, Chevron published the report Managing Climate Change Risks: A Perspective for Investors.
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Renewable energy and emerging technology
We believe renewable energy and emerging technology will play a role in meeting future energy demand. How large a role depends on many factors, including how fast these technologies can be deployed as well as their economic viability.
We strive to use energy as efficiently as possible in our own operations. Using energy more efficiently helps preserve our finite natural resources, lower energy costs and reduce carbon emissions.
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Did you know?
Of all the ways to meet the world's expanding energy needs, efficiency and conservation are the cheapest and most beneficial to the environment.
Energy efficiency has been the primary factor in driving down energy consumption in International Energy Agency (IEA) countries over the last decade. According to the IEA’s Energy Efficiency Market Report 2015, energy efficiency investments in IEA countries since 1990 helped these countries avoid consuming 520 million tonnes of oil equivalents in 2014.learn more about energy efficiency