American multinational energy corporation, Chevron, has established new goals to reduce net greenhouse gas (GHG) emission intensity from upstream oil and natural gas, the company said in a statement on Thursday.
The company intends to lower upstream oil net GHG emission intensity by 5-10% and upstream natural gas net GHG emission intensity by 2-5% from 2016 to 2023.
"Emission intensity is the emission rate of greenhouse gas per unit of energy produced. The GHG emission intensity reduction metrics apply to all upstream Chevron oil and natural gas, whether Chevron has operational control or not," the statement read.
Commenting on the new agreement, Michael Wirth, Chevron's chairman and CEO, said that as global demand for energy continues to grow, the company is committed to delivering more energy with less environmental impact.
"Reducing greenhouse gas emissions is a global issue that requires global engagement and action," he said.
-Chevron activities to reduce climate change
The company said that Chevron is increasing its use of renewable energy and investing in new technologies.
"Earlier this year, the company established reduction goals for methane emission intensity and flaring intensity," the statement said.
The company also established a Future Energy venture capital fund to invest in technology to reduce GHG emissions and enable a greater diversity of energy sources.
Furthermore, the company invested more than $1 billion in carbon capture and storage projects in Australia and Canada in mid August.
By Gulsen Cagatay