California-based oil major Chevron Corp. committed to an “aspiration” of net zero emissions from its operations by 2050 amid mounting investor and societal pressure to fight climate change.

Alongside the publication of its updated climate change resilience report on Oct. 11, Chevron announced a 2050 net zero aspiration for equity upstream Scope 1 and 2 emissions that the company said builds on its disciplined approach to target setting and action.

Michael Wirth, Chevron’s chairman and CEO said the climate report offers further insights on the company's strategy to invest in lower-carbon businesses and why this is an "exciting time to be in the energy industry.”

Chevron also set a target of reducing carbon intensity by 5% from 2016 levels by 2028 for the full lifecycle of its products, which includes so-called 'Scope 3' emissions from the use of its products. The company also said its path to net zero aspiration "anticipates partnerships with multiple stakeholders and progress in technology, policy, regulations, and offset markets."

In May, Chevron shareholders voted in favor of the proposal to cut Scope 3 emissions.

Chevron's net zero pledge does not include greenhouse gases from all fuel products, falling short of its European peers including Royal Dutch Shell and Eni. Companies such as Norway's Equinor and Spain's Repsol aim to reduce or eliminate all their emissions by 2050.

Chevron also noted its target is aligned with company's strategy which allows flexibility to grow its traditional business, provided it remains increasingly carbon-efficient and pursue growth in lower-carbon businesses.

“We regularly engage with stakeholders and investors to understand their views and to be responsive to their increasing expectations on all issues, including ESG,” said Dr. Ronald Sugar, Chevron’s lead director. “Our updated report demonstrates our goal to partner with many stakeholders to work toward a lower carbon future.”

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