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Abstract In response to concerns about global climate change, the European Union (EU) has imposed mandatory constraints on carbon dioxide emissions from thousands of industrial facilities across Europe, including several of Chevron's upstream and downstream oil and gas operations in the United Kingdom (UK) and the Netherlands. Driven by these regulations - and the possibility of additional requirements in countries such as Canada and Japan by 2008 - carbon emissions and emissions reductions now have significant economic value in emerging global markets. Companies are responding to these markets in a wide variety of ways depending, in part, on their perceived exposure. This paper broadly reviews the key business functions of Chevron's Carbon Markets team and describes the application of tools used to support these functions. Taken together, the functions help to support the broader range of actions that the corporation is undertaking to cost-effectively manage greenhouse gas emissions. Introduction Chevron recognizes and shares the concerns of governments and the public about climate change. To address these concerns, the corporation has developed a business-driven climate change strategy under which our activities - including our engagement with emerging carbon markets - are centrally organized. We have reviewed our approach in light of developments in science, technology, and global policy and believe the strategy to be robust and appropriate. The strategy, known as the Four-Fold Plan of Action on Climate Change, includes:reducing emissions of greenhouse gases (GHG) and increasing energy efficiency; investing in research, development, and improved technology; pursuing business opportunities in promising, innovative energy technologies; and supporting flexible and economically sound policies and mechanisms that protect the environment. Table 1 provides a summary of key activities under each element of the Four-Fold Plan. With respect to the fourth element in the plan, the corporation assists governments with policy development and decision-making on energy issues and participates in dialogue with a broad range of stakeholders. In particular, we support the use of international mechanisms such as emissions trading, the clean development mechanism (CDM) and joint implementation (JI), which provide market-based, economically-sound means to reduce GHG emissions. Effective engagement with carbon markets then, is a key element of our broader strategy to cost-effectively manage GHG emissions from our operations. At the core of our work with these markets has been the development of the internal governance structure, strategy, analytical tools, and systems to trade emissions and achieve cost-effective compliance across our assets.
- Europe (1.00)
- North America > United States (0.47)
- Asia > Japan (0.35)
- Law > Environmental Law (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- Banking & Finance > Trading (1.00)
Abstract Chevron shares the concerns that governments and the public have about climate change, and has developed a comprehensive program to manage its greenhouse gas (GHG) emissions. We are employing a variety of technologies to monitor and reduce emissions from our operations, and investing in research and development to commercialize new emissions reduction options. As examples of our efforts, we are generating electricity from geothermal power in Indonesia, solar power in the United States, wind power in the Netherlands, and cogeneration in various locations. We are reducing flaring by commercializing stranded gas in Africa. We have reforestation projects in Brazil, Australia, and the United States. We are conducting research on fuel cells, hydrogen storage technologies, and advanced battery technologies, and are involved in several programs to develop, demonstrate, and commercialize carbon dioxide capture and geologic sequestration. Additionally, we have developed the industry-leading SANGEA[TM] system to inventory and manage our greenhouse gas emissions, and have donated it to the American Petroleum Institute. API has made the system available, free-of-charge, to the petroleum industry. Chevron's Response to Climate Change Concerns Chevron recognizes and shares the concerns that governments and the public have about climate change. Chevron's four-fold climate change action plan comprises:Reducing emissions of greenhouse gases and increasing energy efficiency Investing in research, development, and improved technology Pursuing business opportunities in promising, innovative energy technologies Supporting flexible and economically sound policies and mechanisms that protect the environment Descriptions of some of our greenhouse gas management activities, organized according to the four folds of our action plan, and described below. As well as reducing greenhouse gas emissions, many of these activities have provided additional environmental benefits, conserved natural resources, and/or had business value for Chevron, its host governments, and its partners. Reducing Emissions of Greenhouse Gases and Increasing Energy Efficiency The first fold of Chevron's four-fold climate change action plan is a commitment to reduce GHG emissions and increase the energy efficiency of its operations. Towards this end, we are executing a variety of projects around the world. Flare Reduction. As well as reducing greenhouse gas emissions, our flare reduction efforts are helping conserve or commercialize the natural resources of our host governments. In Nigeria we are developing several projects that will reduce associated gas flaring by several hundred million standard cubic feet per day. These projects include the Escravos Gas-to-Liquids Plant, expansion of our Escravos Gas Plant, and the West Africa Gas Pipeline, which will carry gas that otherwise would have been flared to users in Togo, Benin, and Ghana. In Angola we are working with the government to develop and operate new oil production without continuous flaring, and pursuing other projects that will eliminate existing flares from our older facilities. Projects including the Sanha Condensate Project and the Takula Gas Processing Platform Project will eliminate the flaring of more than 350 million cubic feet of gas per day. In Kazakhstan, Tengizchevroil (TCO) (a joint venture operated by Chevron) reduced flaring by approximately two-thirds between 2000 and 2002. TCO invested more than US $140 million to repair and upgrade existing facilities and install new equipment. As a result of the improvements, more than 120 million cubic feet of gas per day no longer is flared.
- Africa (1.00)
- North America > United States > Texas (0.69)
- North America > United States > California > Kern County (0.28)
- Government > Regional Government > North America Government > United States Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- Oceania > Australia > Western Australia > North West Shelf > Carnarvon Basin > Carnarvon Basin > Dampier Basin > Rankin Platform > Greater Gorgon Development Area > Block WA-268-P > Greater Gorgon Field > Gorgon Field (0.99)
- Oceania > Australia > Western Australia > North West Shelf > Carnarvon Basin > Carnarvon Basin > Carnarvon Basin > Rankin Platform > Greater Gorgon Development Area > Block WA-268-P > Greater Gorgon Field > Gorgon Field (0.99)
- Oceania > Australia > Western Australia > North West Shelf > Carnarvon Basin > Alpha Arch > Dampier Basin > Rankin Platform > Greater Gorgon Development Area > Block WA-268-P > Greater Gorgon Field > Gorgon Field (0.99)
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