the california voluntary carbon market disclosures act (AB-1305)

The Voluntary Carbon Market Disclosures Act, Assembly Bill No. 1305 (“AB-1305”), was signed into law by California on October 7, 2023. The newly enacted state law requires covered business entities disclose specified information regarding the sale and use of certain voluntary carbon offsets (“VCOs”), as well as claims of net zero, carbon neutrality, or significant greenhouse gas (“GHG”) emissions reductions.1

For more than 20 years, Chevron has reported at the company level both direct GHG emissions from operations and the largest category of its indirect GHG emissions (combustion of our products).

Chevron publishes reports, including the Climate Change Resilience Reports, the annual Corporate Sustainability Reports, and the Methane Report, that include our targets to advance energy progress, including information about the carbon intensity of our operations, renewable fuels production, and our New Energies business. These reports and other statements regarding Chevron’s lower carbon ambitions are available on this website.

Our GHG emissions claims are based on the company’s GHG data, which are accumulated and documented in accordance with Chevron’s GHG Accounting Protocol, Version 8.0 (December 2023). The Protocol establishes the company’s internal standards for corporate GHG reporting as required by our Operational Excellence Data Reporting Standards, and is available here. In accordance with the Protocol, Chevron’s corporate GHG emissions reporting is verified through a third-party assurance process. On March 24, 2023, Chevron became the first oil and gas major to report achievement of reasonable assurance of its GHG emissions from both operated and nonoperated assets.2 The assurance for Chevron’s 2022 GHG emissions inventory and performance was completed by DNV Business Assurance USA, Inc., and is available here.

The disclosure made in this California Voluntary Carbon Market Disclosures Act section is provided for the entities that are subject to the law’s requirements and speaks only as of January 1, 2024. We undertake no obligation to update this information other than as required by law. As used in this section, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “its,” “we” and “us” may refer to one or more of Chevron’s consolidated subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate entities, each of which manages its own affairs.

1 Calif. Health and Safety Code § 44475 (2024).

2 The scope of the assurance for 2022 is on both an equity share and operational control basis and excludes Chevron Phillips Chemical Company, LLC and Renewable Energy Group, Inc.