May 8, 2008

CSR: Chevron To Invest $2.5B in Alternative, Renewable Energy Tech

Chevron’s latest Corporate Responsibility Report highlights future investments of $2.5 billion through 2009 in alternative and renewable energy technologies, reduced total greenhouse gas emissions since 2006, new climate change policy principles and an increased portfolio of renewable energy research partnerships and $119 million in community initiatives around the world.

Chevron and Weyerhaeuser  signed a letter of intent in 2007 and announced a 50/50 joint venture in early 2008 to develop the next generation of renewable transportation fuels from nonfood sources.

Other highlights of the report include a reduction of GHG emissions from Chevron’s global operations by approximately 800,000 tons of CO2 equivalent, outperforming its GHG emissions goal in 2007, emitting 60.7 million metric tons compared with a target of 63.5 million metric tons.

Chevron says it also adopted seven climate change policy principles during 2007 to guide the company’s engagement in the development of flexible and economically sound public policy.

Launched in 2007, Chevron said its Environmental, Social and Health Impact Assessment (ESHIA) was being applied to nearly 20 capital projects worldwide by early this year, the company said. The company uses the ESHIA to enhance benefits and mitigate environmental, social and health impacts of major capital projects.

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