Chevron Issues 2007 Corporate Responsibility Report
* Reduced greenhouse gas emissions and adopted climate change policy principles
* Increased portfolio of renewable energy research partnerships
* Invested $119 million in community initiatives around the world
San Ramon, Calif., May 7, 2008 - Chevron Corporation reduced greenhouse gas (GHG) emissions, increased its number of renewable energy research partnerships and invested approximately $119 million in communities around the world, according to the company’s 2007 Corporate Responsibility Report, issued today.
“By operating in ways that reflect our values, we create partnerships based on ingenuity, collaboration and trust to develop energy that stimulates economic growth and social progress,” said Dave O’Reilly, Chevron chairman and CEO. “These relationships advance our ability to find and produce energy safely, reliably and responsibly around the world.”
Chevron’s sixth report, published annually, provides descriptions, data and perspective on the company’s community engagement, health, safety and environmental performance for 2007. Highlights include:
Climate Change and Energy Efficiency
Chevron reduced GHG emissions from its global operations by approximately 800,000 tons of CO2 equivalent. As a result, the company outperformed its GHG emissions goal in 2007, emitting 60.7 million metric tons compared with a target of 63.5 million metric tons. Chevron 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.
Renewable and Alternative Energy
The company expects to spend approximately $2.5 billion from 2007 through 2009 in alternative and renewable energy technologies. Chevron and Weyerhaeuser Co., one of the nation’s largest forest-products companies, 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.
The company formed new alliances with Texas A&M University and the Colorado Center for Biorefining and Biofuels in 2007 to research and develop new technologies for converting nonfood sources into biofuels. The company began its second research project with the U.S. Department of Energy’s National Renewable Energy Laboratory to develop technology to produce transportation fuels from algae.
Chevron consolidated its position as the world’s largest private producer of geothermal power with the startup of the 110-megawatt Darajat Unit III in West Java, Indonesia. Through geothermal operations in Indonesia and the Philippines, Chevron is providing clean, renewable energy to meet the needs of 16 million people.
Chevron invested approximately $119 million in communities around the world in 2007, a nearly $30 million increase over 2006, to help build the human and institutional capacity of communities where it operates. Approximately 68 percent was targeted to basic human needs, education and training, and support for local businesses.
In late 2007, Chevron became the first Corporate Champion of the Global Fund to Fight AIDS, Tuberculosis and Malaria. The commitment, announced in January 2008, will allocate $30 million over three years to help combat these diseases by applying the company’s experience working with local communities.
Chevron’s Energy for Learning education initiative invested more than $10 million in 23 Mississippi and Louisiana school districts as part of a three-year, $18 million program to help communities affected by hurricanes Katrina and Rita.
Health and Safety
Overall safety performance improved last year, with the total rate of recordable incidents decreasing by 17 percent compared with 2006.
Also, two new corporate standards were adopted to further reduce injuries and illness among Chevron’s workforce — Fitness for Duty and Occupational Hygiene — and a cardiovascular health program was initiated.
Early in 2008, Chevron incorporated its Human Rights Statement, adopted two years prior, into its Business Conduct & Ethics Code. All employees are required to read and acknowledge that they will abide by the code, which is available in 12 languages and serves as a guide for actions and conduct.
Chevron’s Environmental, Social and Health Impact Assessment (ESHIA) process was launched in 2007 to identify, analyze and develop measures that enhance benefits and mitigate environmental, social and health impacts of major capital projects. By early 2008, ESHIA was being applied to nearly 20 capital projects worldwide.
The full 2007 Corporate Responsibility Report is available at www.chevron.com/cr-2007.
Chevron Corporation is one of the world’s leading integrated energy companies, with subsidiaries that conduct business across the globe. The company’s success is driven by the ingenuity and commitment of approximately 59,000 employees who operate across the energy spectrum. Chevron explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops and commercializes the energy resources of the future, including biofuels and other renewables. Chevron is based in San Ramon, Calif. More information about Chevron is available at www.chevron.com.
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