We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Chevron (CVX) Joins Sea Cargo Charter to Lower Marine Emissions
Read MoreHide Full Article
Chevron Corporation (CVX - Free Report) recently announced its shipping unit’s latest pledge to cut emissions from its California-based marine business by joining the Sea Cargo Charter. More than 30 tankers, including 10 LNG carriers, make up the group's transportation fleet.
The charter was developed last year to track and minimize the shipping sector's carbon footprint in accordance with the International Maritime Organization’s regulations, which seek lower overall yearly emissions by at least 50% within 2050 compared to the 2008 levels.
The Sea Cargo Charter establishes a global benchmark for tracking shipping emissions, therefore advancing the marine industry's decarbonization process. The currently Zacks Rank #3 (Hold) CVX is pleased to join and collaborate with the Sea Cargo Charter to improve openness and accuracy of reporting, thus ensuring sustainable environmental management. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TotalEnergies, Cargill, Anglo American and Royal Dutch Shell are among the charter's other signatories, with the participating corporations committed to track and report overall yearly emissions from their maritime operations.
With the rise of ESG (Environmental, Social and Governance) investing and the broad-based transition toward clean energy, CVX became the latest oil biggie to set long-term climate goals after committing to becoming carbon neutral over the next three decades.
Chevron Aims for Net-Zero Emissions by 2050
Working hard to catch up with the other supermajors (especially the European ones), earlier in October, management said that Chevron “aspired” to achieve net-zero greenhouse gas emissions in its operations by 2050. Its climate goal covers carbon emissions directly generated from its operations (Scope 1) and indirect emissions caused by the electricity consumption to run its facilities (Scope 2).
In the shorter term, Chevron intends to trim carbon intensity by 5% within 2028 relative to 2016, including emissions from the combustion of fuel (such as jet fuel and gasoline) it sells to end-users. These are the hard-to-address Scope 3 emissions that typically constitute more than 90% of an oil and gas holding’s total footprint. Earlier this year, 61% of shareholders voted in favor of a proposal asking CVX to substantially cut Scope 3 emissions.
Other Energy Players' Net-Zero Initiatives
Carbon neutrality, also termed net zero, refers to a situation wherein all carbon (and other greenhouse gas or GHG) emissions are offset by absorbing the same from the atmosphere. This is an important yardstick by climate scientists to ensure that global warming is limited to 1.5°C above the pre-industrial levels by 2050, in sync with the Paris Climate Agreement.
As the focus on energy transition deepens, let’s look at some of the oil and gas companies aiming to achieve net-zero emissions by 2050.
It all started with Repsol (REPYY - Free Report) , which in December 2019, announced its non-binding plan of reducing net carbon emissions to zero by 2050. The move by the Spanish firm, which complies with the Paris Agreement climate mission, marked the first such initiative in the oil and gas industry.
REPYY is expected to use its 2016 carbon intensity level as the baseline. It plans to slash 10% intensity by 2025 and 20% in the next five years. Repsol expects carbon intensity to fall 40% by 2040 and reach 100% by 2050.
In February 2020, BP plc (BP - Free Report) announced a plan to curb net carbon emissions to zero by 2050 or sooner. This London-based energy behemoth plans to sell assets worth 25 billion to finance its green energy push. As part of its net-zero ambition, BP vowed to cut fossil fuel production by 40% from the 2019 levels.
Moreover, to achieve its environment targets, it plans to boost investments in non-hydrocarbon businesses over time. Additionally, BP looks to stop corporate reputation advertising and divert spending toward promoting carbon-reduction policies.
Last year, Norway’s Equinor (EQNR - Free Report) set its strategy to enhance its transformation into a net-zero carbon emitter. EQNR plans to decrease net carbon intensity by 20% within 2030 and 40% by 2035 while investing more in renewables and low-carbon solutions.
Equinor announced a long-term renewable energy target of reaching 12-16 gigawatt of installed capacity by 2030. It aims to store 15-30 million metric tons of carbon dioxide per year and offer clean hydrogen to 3-5 industrial clusters by 2035. EQNR intends to invest about $23 billion in renewables between 2021 and 2026.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Shutterstock
Chevron (CVX) Joins Sea Cargo Charter to Lower Marine Emissions
Chevron Corporation (CVX - Free Report) recently announced its shipping unit’s latest pledge to cut emissions from its California-based marine business by joining the Sea Cargo Charter. More than 30 tankers, including 10 LNG carriers, make up the group's transportation fleet.
The charter was developed last year to track and minimize the shipping sector's carbon footprint in accordance with the International Maritime Organization’s regulations, which seek lower overall yearly emissions by at least 50% within 2050 compared to the 2008 levels.
The Sea Cargo Charter establishes a global benchmark for tracking shipping emissions, therefore advancing the marine industry's decarbonization process. The currently Zacks Rank #3 (Hold) CVX is pleased to join and collaborate with the Sea Cargo Charter to improve openness and accuracy of reporting, thus ensuring sustainable environmental management. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TotalEnergies, Cargill, Anglo American and Royal Dutch Shell are among the charter's other signatories, with the participating corporations committed to track and report overall yearly emissions from their maritime operations.
With the rise of ESG (Environmental, Social and Governance) investing and the broad-based transition toward clean energy, CVX became the latest oil biggie to set long-term climate goals after committing to becoming carbon neutral over the next three decades.
Chevron Aims for Net-Zero Emissions by 2050
Working hard to catch up with the other supermajors (especially the European ones), earlier in October, management said that Chevron “aspired” to achieve net-zero greenhouse gas emissions in its operations by 2050. Its climate goal covers carbon emissions directly generated from its operations (Scope 1) and indirect emissions caused by the electricity consumption to run its facilities (Scope 2).
In the shorter term, Chevron intends to trim carbon intensity by 5% within 2028 relative to 2016, including emissions from the combustion of fuel (such as jet fuel and gasoline) it sells to end-users. These are the hard-to-address Scope 3 emissions that typically constitute more than 90% of an oil and gas holding’s total footprint. Earlier this year, 61% of shareholders voted in favor of a proposal asking CVX to substantially cut Scope 3 emissions.
Other Energy Players' Net-Zero Initiatives
Carbon neutrality, also termed net zero, refers to a situation wherein all carbon (and other greenhouse gas or GHG) emissions are offset by absorbing the same from the atmosphere. This is an important yardstick by climate scientists to ensure that global warming is limited to 1.5°C above the pre-industrial levels by 2050, in sync with the Paris Climate Agreement.
As the focus on energy transition deepens, let’s look at some of the oil and gas companies aiming to achieve net-zero emissions by 2050.
It all started with Repsol (REPYY - Free Report) , which in December 2019, announced its non-binding plan of reducing net carbon emissions to zero by 2050. The move by the Spanish firm, which complies with the Paris Agreement climate mission, marked the first such initiative in the oil and gas industry.
REPYY is expected to use its 2016 carbon intensity level as the baseline. It plans to slash 10% intensity by 2025 and 20% in the next five years. Repsol expects carbon intensity to fall 40% by 2040 and reach 100% by 2050.
In February 2020, BP plc (BP - Free Report) announced a plan to curb net carbon emissions to zero by 2050 or sooner. This London-based energy behemoth plans to sell assets worth 25 billion to finance its green energy push. As part of its net-zero ambition, BP vowed to cut fossil fuel production by 40% from the 2019 levels.
Moreover, to achieve its environment targets, it plans to boost investments in non-hydrocarbon businesses over time. Additionally, BP looks to stop corporate reputation advertising and divert spending toward promoting carbon-reduction policies.
Last year, Norway’s Equinor (EQNR - Free Report) set its strategy to enhance its transformation into a net-zero carbon emitter. EQNR plans to decrease net carbon intensity by 20% within 2030 and 40% by 2035 while investing more in renewables and low-carbon solutions.
Equinor announced a long-term renewable energy target of reaching 12-16 gigawatt of installed capacity by 2030. It aims to store 15-30 million metric tons of carbon dioxide per year and offer clean hydrogen to 3-5 industrial clusters by 2035. EQNR intends to invest about $23 billion in renewables between 2021 and 2026.