Chevron’s business resilient to climate change

Chevron Corp said on Thursday its business is resilient to a wide variety of possible climate change scenarios as the US oil company and other producers come under pressure to invest less in oil projects and more in renewable energy.

The climate report summarises Chevron’s work to test the competitiveness of its current assets under multiple scenarios, including some of the most restrictive greenhouse gas reduction proposals, the company said. “We believe we are equipped to continue to succeed in any business environment as we deliver affordable, reliable energy,” Chevron’s chief executive Michael Wirth said in the report, the second one the company has published after its initial report in March 2017.

The report evaluated the company’s portfolio and future investments, its views of supply, demand, commodity and carbon prices, and the factors that drive global economic change.