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CHEVRON EMISSIONS “LEAP”: For the first time, the US oil and gas company Chevron has made a short-term commitment to reduce Scope 3 emissions intensity, ie the pollution caused by the use of the fuel it manufactures and sells to customers .
Chevron also has a longer term “target” of net zero emissions for 2050, but this only includes its operational emissions (Scope 1 and 2) and excludes Scope 3, the vast majority of an oil and gas company’s emissions (up to 90% of them).
Taken together, today’s announcements represent “positive steps” according to Andrew Logan, senior director, oil and gas at Ceres, a group focused on corporate sustainability.
They represent a departure from Chevron’s previous position on net-zero commitments (which they viewed as symbolic) and Scope 3 short-term goals as the company previously claimed it had no control over its supply chain and customer use of the products to have.
But they are missing the “giant leap” demanded by investors, Logan said.
In fact, Chevron is only acting at Scope 3 intensity after 61% of its investors voted for a climate resolution in May calling on the company to reduce those emissions.
In response, Chevron has today set itself the goal of reducing the CO2 intensity of its operations and products (including Scope 3) by 5% by 2028 compared to 2016. The emission intensity represents the amount of emissions per unit of energy, and using this figure as a target value still allows an increase in absolute emissions.
Ben Ratner, who leads the Environmental Defense Fund’s Business Energy Transition team, told Josh that Chevron’s 5% emissions intensity target, which comes in at half a percent per annum, falls woefully short of investor expectations.
“The shareholders who voted for a significant reduction in Scope 3 emissions will probably be disappointed by the six-month emissions reduction target,” said Ratner.
The story goes on
Mark van Baal, founder of the Follow This shareholder group, which submitted the climate resolution, called the 5% intensity target “a snub for investors who are really committed to achieving the Paris Agreement”. The world must reduce absolute emissions by around 40% by 2030 to meet the goals of the Paris Agreement, the group added.
Net-zero targets with greater reach are simply a matter of course at this point. Chevron, the second largest US oil and gas company, beats its larger competitor ExxonMobil on a net-zero entry. Exxon, facing its own shareholder pressure following a board reorganization this spring, is reportedly considering pledging its net carbon emissions to zero by 2050.
But the big European majors Shell and BP include Scope 3 in their net-zero promises. In not doing so, the Follow This shareholder group says, “Chevron is like a tobacco company that promises to quit smoking while continuing to make cigarettes.”
Welcome to Daily on Energy, written by Washington Examiner Energy and Environment authors Josh Siegel (@SiegelScribe) and Jeremy Beaman (@jeremywbeaman). Send an email to [email protected] or [email protected] for tips, suggestions, calendar entries, and everything else. If a friend sent you this and you want to sign up, click here. If the registration doesn’t work, send us an email and we’ll add you to our list.
WELCOME JEREMY BEAMAN: Please welcome Jeremy to the Daily on Energy team.
Jeremy joins the energy and environmental beat of the Washington Examiner’s Breaking News team. He’s started working on energy stories in the past few weeks – you may have seen his story on Pittsburgh’s new Dark Sky ordinance or his post on China’s energy problems threat to the US supply chains – but he’s officially starting today on the beat .
Jeremy is from Alabama and studied at the University of Mobile. Please welcome him to the team and think of him for tips or feedback: @jeremywbeaman and [email protected]
US OIL PRICE OVERHEADS $ 80 PER BARREL: The US benchmark oil price rose to a seven-year high of more than $ 81 a barrel this morning as the global energy crisis deepens.
A global shortage of natural gas and the resulting higher prices for heating and energy houses are showing signs of spilling over into the oil market, analysts say.
Crude Oil “started the week on a strong basis as the global electricity crisis continued to raise expectations for a higher switch from gas to oil,” Saxo Bank said in a press release.
Another factor leading to higher prices is that the OPEC + group of oil producing nations last week ignored calls from the US to increase production beyond what was already planned despite scarce global supply and recovering demand after the pandemic increase.
FURTHER COUNTRIES SIGN THE GLOBAL METHANE PLEDGE: Another 24 nations have joined the Global Methane Pledge, led by the US and the EU, to reduce greenhouse gas emissions by at least 30% by 2030.
Indonesia, Pakistan, OPEC member Nigeria, and a host of other African nations are among the new commitments, and more than 60% of the world economy is now represented in those who have joined the commitment.
“We are delighted with the quick response and the general acceptance of the proposal here,” said Climate Officer John Kerry during an event this morning.
Kerry called reducing methane emissions the “fastest single strategy we must stick to” to meet the Paris Agreement goal of keeping warming at 1.5 degrees Celsius.
Philanthropy Makes Money: Twenty major philanthropic organizations, including Bloomberg Philanthropies and the John D. and Catherine T. MacArthur Foundation, announced plans to fund more than $ 223 million in global methane reduction efforts.
“Methane is a major contributor to climate change and it is imperative to stop methane leaks and reduce emissions faster,” said Michael Bloomberg, UN secretary-general’s special envoy for climate ambitions and solutions. “Our foundation is deeply committed to helping countries around the world reduce their fossil fuel emissions, and the more we all work together, the greater the impact we can make.”
QUANTIFIED SURVEILLANCE RISK OF CRITICAL INFRASTRUCTURE: A new report from climate research firm First Street Foundation estimates that about a quarter of the country’s critical infrastructure, including utilities, airports and emergency services, is at risk from flooding.
Four southern states – Louisiana, Florida, Kentucky, and West Virginia – included 17 of the 20 most vulnerable counties in the country, according to the results.
The report stands alongside bipartisan initiatives in Congress to address these vulnerabilities by making power transmission lines and other parts of the energy system more resilient to extreme weather conditions. Both lawmakers and researchers have found that the extreme weather events of summer in New England and the Southeast increase the need for action.
“As we saw after the devastation of Hurricane Ida, our country’s infrastructure is not built to protect against today’s flood risk, let alone how those risks will increase over the next 30 years with climate change.” Matthew Eby , Founder and executive director of the First Street Foundation, said in a statement.
SOLAR IS COMING FOR YOU: The Department of Energy announced plans on Friday to promote the “Community Solar,” a type of development that gives access to people who cannot install solar panels on their roofs, either because they cannot afford it, none Homeowners are or live in apartment buildings.
Community solar is a form of energy generation that households can use to obtain electricity from a nearby solar project. Subscribers receive a portion of the income from the energy they generate, usually as savings on their monthly electricity bills.
DOE launches the National Community Solar Partnership (NCSP), which brings together the agency, developers, local and state governments, and more to expand access to affordable community solar for “every American household”.
The DOE aims to install enough municipal solar systems by 2025 to supply the equivalent of five million households with electricity.
COMPANY TARGET FARM METHANE WITH ARTIFICIAL LIGHTNING: A Norway-based company uses a plasma explosion to break down ammonia and reduce greenhouse gases emitted by cattle manure.
N2 Applied set up its plasma cannon on a farm in the UK where it tested the technology and achieved a 99 percent methane reduction with the process, reports the BBC.
The technology also aims to create ammonia molecules in waste to create pure nitrogen, an important fertilizer for farmers, and reduce the odor.
The Chinese rust belt province Reuters warns of further bottlenecks in the energy crisis
Bloomberg In a world battling climate change, fossil fuels are taking revenge
Huntington Beach in the Wall Street Journal California reopens after an oil spill
TUESDAY | OCT. 19th
10 a.m. 366 Dirksen. The Senate Committee on Energy and Natural Resources will hold a hearing to identify the nominations of Willie Phillips for Federal Energy Regulatory Commission Member, Brad Crabtree for Assistant Secretary of Energy for Fossil Energy and Carbon Management, and Charles Sams III Director of National Parks Service.
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Original author: Josh Siegel
Original location: Daily on Energy: Chevron sets emissions “claim”