Page 134 - RusRPTNov21

followed by new methane regulation in the US and the EU.
Chevron commits to net zero emissions target for production decisions by 2050. This goal was included in the company’s new Сlimate Сhange Resilience Report. It applies to production emissions (Scopes 1 and 2). Separately, Chevron has also set certain Scope 3 targets: Scope 3 emission intensity is supposed to decline 5% by 2028 (vs. the 2016 level). Many oil majors, predominantly those based in Europe (BP, Total Energies, Shell) have already released 2050 net zero targets for all three scopes (with some limitations). This ultimately means that these companies are to move away from oil production in favour of ‘cleaner’ businesses. US-based Exxon and Chevron have refrained (up to this moment) from giving net zero commitments or setting definite targets for Scope 3 emissions.
134 RUSSIA Country Report November 2021 www.intellinews.com