Resolution Criteria

Chevron has adopted a 2050 net zero aspiration for equity upstream Scope 1 and 2 emissions. This market resolves based on whether Chevron's total emissions reach zero by the specified end date. Resolution will be determined by Chevron's official emissions reporting, verified through their annual Climate Change Resilience Report and SEC filings at https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000093410.

Note: The aspiration covers only equity upstream Scope 1 and 2 emissions, not Scope 3 emissions from product use or absolute emissions reductions—only emissions intensity targets apply to broader operations.

Background

Chevron has reaffirmed its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels. Chevron pledged to triple its investments to $10 billion on reducing its carbon emissions footprint through 2028. It is expected to achieve its target through its pivot towards low-carbon business, including renewables, carbon capture technology, and hydrogen.

Considerations

The company's upstream scope 1 and scope 2 emissions reduction targets are set on an intensity, not an absolute basis, meaning that Chevron is still able to increase its fossil fuel production and increase its absolute emissions. The path to this net zero aspiration anticipates partnerships with multiple stakeholders and progress in technology, policy, regulations, and offset markets, introducing significant uncertainty around achievability.

This description was generated by AI.