Chevron on 14 September pledged to triple to $10 billion its investments to reduce its carbon emissions footprint through 2028, while saying it was not yet ready to commit to a 2050 net-zero emissions target.
Oil producers globally are under mounting pressure from investors and governments to join the fight against climate change and sharply cut greenhouse-gas emissions by mid-century, with US majors lagging efforts by European companies.
Chevron said half of its spending will go to curb emissions from fossil fuel projects. A total of $3 billion will be applied for carbon capture and offsets, $2 billion for greenhouse-gas reductions, $3 billion for renewable fuels, and $2 billion for hydrogen energy.
Chevron is not ready to commit to net-zero targets. Chief Executive Michael Wirth told investors that the company does not want to "be in a position in which we lay out ambitions that we don't believe are realistic and deliverable."
Just a minority of its shareholders currently support a strategy used by European oil companies to invest in less-profitable solar and wind power, he added.
"The board is looking to see, how do you deliver a strategy that meets the needs of shareholders today and the expectations of shareholders for the future?" the CEO said. Directors may readdress a net-zero goal later this year with the company's climate report, Wirth said.