Chevron Corp. is aiming by 2050 to reach net-zero carbon in its equity upstream operations, with more capital set to be poured into alternative energies and improved efficiencies across the traditional global oil and natural gas businesses.

The San Ramon, CA-based integrated major has adopted a net-zero pledge within 30 years for Scope 1 (direct) and 2 (indirect) emissions. It also has incorporated Scope 3 (customer) targets  into its greenhouse gas emission goal by establishing a portfolio carbon intensity target from the use of its products.

“Solutions start with problem solving, which is exactly what the people of Chevron do – and have excelled at for over 140 years,” said CEO Michael Wirth. 

In unveiling the Climate Change Resilience report, Wirth said Chevron is...