‘Worthless’: Chevron’s carbon offsets are mostly junk and some may harm
A new investigation into Chevron’s climate pledge has found the fossil-fuel company relies on “junk” carbon offsets and “unviable” technologies, which do little to offset its vast greenhouse gas emissions and in some cases may actually be causing communities harm.
Chevron, which reported $35bn in profits last year, is the second-largest US fossil fuel company, with operations stretching from Canada and Brazil to the UK, Nigeria and Australia.
Despite major expansions in five continents, Chevron has said that it “aspires” to achieve net zero upstream emissions by 2050. To do this, it is mostly relying on carbon offset schemes – environmental projects meant to cancel out its greenhouse gas emissions – and carbon capture and storage (CCS) technologies.
New research by Corporate Accountability, a non-profit, transnational corporate watchdog, found that 93% of the offsets Chevron bought and counted towards its climate targets from voluntary carbon markets between 2020 and 2022 were too environmentally problematic to be classified as anything other than worthless or junk.
May 24, 2023