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Photo: Justin Sullivan/Getty Images

Chevron Corp. on Tuesday unveiled its latest plans to curb emissions and invest in low-carbon technology.

Driving the news: The company's new report on its climate posture includes ...

  • New targets for cutting emissions intensity — that is, emissions per unit of output.
  • It's pledging a CO2 reduction of 40% by 2028 from 2016 levels for oil production; 26% lower CO2 intensity from gas production; 53% less intensity of methane emissions; and an end to "routine" methane flaring by 2030.
  • Plans to invest $2 billion cumulatively through 2028 on various CO2 reduction projects, and $750 million through 2028 on renewables projects and offsets.
  • That's in addition to the recently announced $300 million for its in-house VC arm's next fund.

Where it stands: Chevron's new targets follow 2023 goals for emissions intensity cuts set in 2019. Chevron has already exceeded those targets, a spokesman said.

  • But it's worth remembering that cutting emissions intensity does not guarantee that absolute emissions levels decline.

Why it matters: Chevron's plans come amid growing pressure on U.S.-based oil giants from investors, activists and policymakers to get more active on climate.

  • "We know our stakeholders’ expectations on climate change are increasing, and we are committed to helping achieve a lower-carbon future," Ronald Sugar, the lead director on Chevron's board, said in a preface to the report.

Yes, but: Europe's oil giants are diversifying more aggressively than their U.S. peers.

  • For instance, BP plans to spend $3-$4 billion annually by 2025 on renewable projects and other low-carbon development.

What's next: Chevron plans to set keep setting emissions targets in five-year increments, which it notes is consistent with five-year "stocktakes" of governments efforts under the Paris Agreement.

Go deeper

Democrats brace for staredown over paid family medical leave

House Ways and Means Committee Chairman Richard Neal. Photo: Win McNamee/Getty Images

Senior House Democrats are braced for battle with the Senate over whether paid family medical leave — a key priority for progressives — will be included in President Biden’s final budget reconciliation bill, lawmakers and aides tell Axios.

Why it matters: Sen. Joe Manchin (D-W.Va.) has indicated he wants to cut the program to reduce the bill's price tag. “Paid family and medical leave must be in the final package,” Rep. Richard Neal (D-Mass.), chairman of the House Ways and Means Committee, told Axios on Monday.

34 mins ago - World

Poland showdown is EU's Jan. 6 moment, top official says

Didier Reynders. Photo: Thierry Monasse/Getty Images

Poland and Hungary have forced a moment of reflection on the European Union — similar to the one in the U.S. after the Jan. 6 insurrection, EU Justice Commissioner Didier Reynders told Axios.

What he's saying: "During many years, we have had in our minds that it was granted that if you are a member of the EU, of course you apply the rule of law; you have full respect for democracy, fundamental rights and so on — maybe with some concerns but with a real intention to adapt your legislation to be in full compliance [with EU law]," Reynders said.

The E-commerce shopping spree

Illustration: Aïda Amer/Axios

Retailers have gotten really good at selling stuff online. So much so, investors want them to separate from the business units that do just that.

Why it matters: Spinning off these crown jewels may jeopardize both the physical and e-commerce sides of the companies in the long run by breaking the benefits of hybrid operations, analysts say.