Sunday, July 3

Chevron’s shareholders vote against emissions cuts proposal

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A majority of Chevron Corp’s investors on Wednesday voted against a proposal to adopt greenhouse gas emissions reductions targets, indicating support for the steps the company has already taken to address the issue.

Just 33% of the shareholders voted in favor of the proposal, according to preliminary figures disclosed by Chevron. Last year, 61% of shareholders had voted in favor of a similar proposal.

Chief Executive Michael Wirth told shareholders the US oil major also plans to focus on lowering the carbon intensity of its operations.

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Major oil and gas producers have come under increasing pressure to cut greenhouse gas emissions to slow climate change.

While many companies have set targets for reducing direct and indirect emissions, or so-called Scope 1 and 2, they have ignored their responsibility for Scope 3 emission targets.

“We aim to lead in lower carbon intensity oil, products, and natural gas, and to advance new products and solutions that reduce the carbon emissions of major industries,” Wirth said in a statement.

“Chevron is doing its part to grow domestic supply, with US oil and gas production up 10% over the first quarter of last year.”

The oil major also said its 2022 capital spending, including announced acquisitions, was expected to be more than 50% higher than 2021. (Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber and Shinjini Ganguli)