UBS Managing Director and Senior Portfolio Manager Jason Katz provides information on concerns about climate change and current markets.
Energy giant Chevron on Tuesday unveiled plans to invest $ 10 billion in low-carbon trade initiatives by 2028 amid growing pressure on producers to adopt climate-friendly practices.
The $ 10 billion investment was a threefold increase over Chevron’s previous $ 3 billion goal. The company said $ 2 billion would be applied to efforts to reduce carbon emissions from its operations.
“Chevron intends to be a leader in moving toward a lower carbon future,” said Michael Wirth, president and CEO of Chevron. “Our planned actions are aimed at sectors of the economy that are more difficult to diminish and take advantage of our capabilities, assets and customer relationships.”
Aside from the investment, Chevron reiterated its goal of reducing carbon intensity (defined as emissions compared to total energy produced) by 35% by 2028 compared to 2016 levels. planned to expand the production of renewable natural gas and hydrogen gas.
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| Ticker | Security | Last | Exchange | Change% |
|---|---|---|---|---|
| CLC | CHEVRON CORP. | 96.20 | -1.77 | -1.81% |
So far, Chevron has refused to set a target date for achieving net carbon emissions. Worth told investors that Chevron did not want to “be in a position where we raise ambitions that we do not believe are realistic and deliverable,” according to Reuters.
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The Biden administration has asked companies from various sectors to commit to green energy practices. In April, President Biden set the goal of reducing greenhouse gas emissions across the economy by 50-52% by 2030 as part of his goal of achieving zero emissions. net in 2050.