Chevron states that "One of the most critical environmental challenges facing the world today is finding ways to provide and use reliable, affordable energy while reducing long–term growth in greenhouse gas emissions. Technology offers a variety of potential solutions, including efficiency improvements; CO2 capture and geologic storage; the use of trees, plants and soils to store carbon; and the development of commercially viable nonfossil–fuel energy systems. These advances can also enable the potential evolution to an economy based on hydrogen fuel"
With the goal of effectively manage their greenhouse gas emissions while growing their business to meet the world’s energy needs, Chevron have created a comprehensive plan, known as the Climate Change Plan of Action.
Chevron is working with industry partners, academic institutions and government researchers (including the Carbon Sequestration Leadership Forum) to develop and deploy carbon capture and storage technologies.
At the planned Gorgon natural gas development in Australia, Chevron is designing a liquefied natural gas facility that could become the largest carbon dioxide storage project in the world with the potential to store approximately three million metric tons annually.
Chevron was a founding member of the CO2 Capture Project to develop technology that captures carbon dioxide emissions and safely stores the gases in geologic formations underground. Since its inception in 2000, this project with more than $60 million of contributions from eight corporate members and three governments is aimed to dramatically cut costs and improve performance of technologies that can reduce greenhouse gas emissions. The U.S. Department of Energy, the European Union and the Research Council of Norway provided approximately half the funds for the project.
Chevron is a member of the US$26 million IEA Weyburn CO2 Monitoring and Storage Project, which consists of companies from Canada; governments of the United States, Canada and the Canadian provinces; and the International Energy Agency's Greenhouse Gas R&D Programme. The aim of the project is to predict and verify the ability of an oil reservoir located in western Canada to securely and economically store CO2. Now in Phase 2 (2004–2007), the project is developing cost–effective monitoring technologies, best practices and risk–assessment methodologies.
Chevron is also a participant in the Massachusetts Institute of Technology Carbon Sequestration Project, The Gulf Coast Carbon Center, WestCarb (US Dept of Energy Regional Partnership) and the University of Texas CO2 Sequestration Consortium.
For more information visit www.chevron.com.