KPMG AND URS COMPLETE INDEPENDENT REVIEW OF Texaco's WORLDWIDE GREENHOUSE GAS EMISSIONS
The following press release was issued by KPMG and URS.
FOR IMMEDIATE RELEASE: THURSDAY, SEPTEMBER 20, 2001.
U.K. AND U.S.: September 20 - KPMG and URS Corporation today announced the completion of their independent review of Texaco's greenhouse gas (GHG) emission inventories and protocol which indicate that Texaco's estimation methodologies are consistent with current best practice and extensive in their detail and coverage - including all gases referred to in the Kyoto Protocol as well as other gases (NOx, CO and VOCs) which are also believed to have global climate change effects.
Texaco has been reporting GHG data annually since 1997 against its own internally developed GHG protocol. KPMG and URS Corporation were appointed by Texaco in January of this year to assess the rigour of Texaco's GHG estimation protocol as well as the systems and controls in place to collect and report the GHG data from years 1997, 1998 and 1999. Rather than restricting itself to those facilities where it has management control, Texaco has chosen to report its worldwide emissions on the basis of its percentage of financial interest.
According to URS Vice President and Principal, Albert Spiers, "Although it can be difficult to secure reliable data from facilities where Texaco does not have management control, this approach is appropriate because it reflects the GHG emissions attributable to all of Texaco's activities. This comprehensiveness of reporting reflects the significant resources and effort Texaco has devoted to collecting GHG data from all its businesses."
KPMG and URS noted a significant improvement in data quality over the period under review resulting from increasing knowledge and understanding of GHG estimation methodologies across Texaco's businesses. Melanie Eddis, Manager of KPMG's Climate Change Services in London, noted, "As would be expected in the early years of corporate reporting within a large and decentralized global corporation, additional improvements in the GHG protocol and in the systems and controls for the reporting of data are still needed. Texaco is now very well positioned to implement improvements and is already taking steps to strengthen its GHG protocol and to review how reliable data collection processes can be extended to all levels of the company."
The KPMG/URS commentary and Texaco's report on its GHG data can be found under "Managing our Greenhouse Gas Emissions" at http://www.texaco.com/she/index.html.
Updated: September 2001