Climate Risk Report released by Chevron Phillips Chemical Company

Chevron Phillips Chemical (CPChem) issued today an updated Climate Risk Report that outlines the company’s planned approach to managing climate-related risks, technology investments and actions to reduce greenhouse gas emissions intensity and navigate the energy transition. CPChem announced a target to reduce carbon intensity of its operations by 15% by 2030 against a 2020 baseline.

2022 Climate Risk Report thumbnail“At CPChem, we recognize that climate change is a global issue that will take action from all segments of society. As a global chemical company that requires large amounts of energy to power its operations, we aim to be part of global climate action by reducing the intensity of our carbon footprint and promoting circularity in our products.” says Benny Mermans, VP Sustainability.

CPChem’s operated carbon intensity is defined as the total greenhouse gas emissions from operated assets, direct emissions and indirect emissions associated with imported electricity and steam, per metric ton of production from the assets included.

It is expected that our success in achieving our targets will rely on a combination of projects at our facilities, the purchasing and deployment of electricity from renewable sources and the start-up of lower emissions intensive assets.

CPChem’s target was developed through a diligent review of the technologies and opportunities that are reasonably expected to be available to the company between now and 2030.