energy transitionadvancing a lower carbon future
We believe the future of energy will be lower carbon, and we intend to be a leader today and in that future. Our strategy is straightforward: Be a leader in efficient and lower carbon production of traditional energy, in high demand today and for years to come, while growing the lower carbon businesses that will be a bigger part of the future. We will accomplish our energy transition goals with our strong governance, risk management, business strategy, and climate policy principles coupled with actions and investments.
lower carbon capital allocation between now and 2028
We have increased our lower carbon capital investments and ambitions to progress our energy transition goals. We expect our lower carbon capital to more than triple versus prior guidance.
Lead Director, Chevron Board of Directors
Our climate-related governance is designed to manage climate change–related risks and energy transition opportunities. Board oversight, executive management, and organizational capability are foundational elements to our reliable and disciplined approach.
Chevron employs longstanding risk management processes for identifying, assessing, and managing the risks to our business, including risks related to climate change.
Our strategic and business planning processes guide our actions to deliver higher returns and lower carbon.
portfolio carbon intensity
We are introducing a portfolio carbon intensity (PCI) metric that represents the carbon intensity across the full value chain associated with bringing products to market, including from the use of sold products, a type of Scope 3 emissions.
Chevron supports the Paris Agreement and is committed to helping to address climate change while continuing to deliver energy that supports society. Climate policy should achieve emissions reductions as efficiently and effectively as possible, at the least cost to economies.
actions and investments
Our approach to advancing a lower carbon future focuses on actions and investments in two core action areas: lower the carbon intensity of our operations and grow lower carbon businesses. We expect our lower carbon capital to more than triple versus prior guidance to over $10 billion between now and 2028 to progress our energy transition goals.