Chevron uses 鈥渏unk鈥� carbon offsets that deliver either few to no greenhouse gas (GHG) emissions reductions, or actively harm the planet, an investigation by NGO Corporate Accountability alleges.
, entitled 鈥淒estruction is at the heart of everything we do鈥�, concludes that 93% of the carbon offsets used by Chevron 鈥渟eem to be worthless鈥� and should be presumed to be 鈥渏unk鈥� until proven otherwise. Many of the carbon capture projects invested in by the company as part of its carbon offsets programme are failing to deliver the promised emissions reductions. In some cases, projects such as the Gorgon project are missing targets by 50%.
The NGO also found that a significant portion of Chevron鈥檚 carbon offsets are linked to claims of local community abuse, environmental harm, and/or may actually be fuelling further emissions. Almost all of the harm allegedly inflicted on local communities is on those in the Global South, the part of the world most vulnerable to climate change.
The findings contribute to a wider debate on the usefulness of carbon credits in limiting global warming. Environmental group condemns all carbon offsets as a 鈥渟cam鈥�, suggesting that they allow major polluters to continue polluting with little consequence. The UK’s Climate Change Committee, an independent advisory group, in October 2022 suggesting that “” could play a small but important role in decarbonisation. However, a lack of market regulation makes disentangling high and low-quality offsets difficult.
The research from Corporate Accountability concludes that 51% of Chevron鈥檚 carbon offsets are of low environmental integrity. It found that a further 42% caused tangible negative impacts on the environment or communities.
Chevron鈥檚 overall net-zero policies are 鈥渉ollow鈥� and not effective at reducing its GHG emissions, the study states. Even if its climate plan was fully and successfully implemented, it overlooks 90% of the total emissions related to its business practices, namely its scope 3 emissions. According to the authors, Chevron鈥檚 net-zero plans are clearly out of line with the target of the Paris Agreement to limit global warming to 1.5掳C.
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By GlobalDataA spokesperson for Chevron challenged the report’s conclusions. “The cited report is biased against our industry and paints an incomplete picture of Chevron鈥檚 efforts to advance a lower carbon future,” said external affairs adviser Bill Turenne in an email to casino777 Technology. “Chevron supports offsets as part of that effort and views them as an important market-based approach to efficient carbon reductions. The majority of the offsets referred to in the report are compliance-grade offsets accepted by governments in the regions where we operate.”
Turenne added: “Chevron鈥檚 recently published and latest offer a more complete view of the many ways we are working constructively to offer solutions for a lower carbon future.”
Editor’s note: This article was updated on 25 May to include comments from Chevron.
