Chevron joins the Global Center for Maritime Decarbonization | News


SAN RAMON, Calif. and SINGAPORE–(BUSINESS WIRE)–April 6, 2022–

Chevron (NYSE: CVX) has announced an agreement to join the Global Center for Maritime Decarbonization (GCMD). Chevron’s involvement is intended to help support GCMD’s efforts to develop potentially scalable low-carbon technologies – including those that enable the use of ammonia as a marine fuel – and the commercial means to enable their adoption. .

The GCMD is an independent, not-for-profit organization, established with the support of the Maritime and Port Authority of Singapore. It collaborates with the maritime industry, plans to conduct pilot projects and trials, and advocates for well-designed climate policies and standards.

“Shipping is a tough industry to downsize and to meet the International Maritime Organization’s climate goals, collaboration across the value chain is needed,” said Professor Lynn Loo, CEO of the Global Center for Climate Change. maritime decarbonization. “We look forward to working with Chevron and capitalizing on their experience as a fuel producer, supplier and end user to operationalize the pilots, which we believe will ultimately reduce the time to deployment and adoption of fuel solutions. This partnership will see the two organizations work closely together on fuels of the future as well as carbon capture technologies, both of which are key enablers that should help the sector achieve its net zero ambitions.

As part of its pursuit of a low-carbon future, Chevron Shipping continues to explore new technologies, energy-saving devices and low-carbon fuels, and collaborates with organizations around the world. industry on these potential solutions.

“Reducing the carbon intensity of shipping requires fundamental changes across the entire shipping value chain,” said Mark Ross, president of Chevron Shipping Company. “This is a truly complex task that requires industry-wide collaboration, innovation and well-designed policy. GCMD brings together the knowledge and expertise to help meet this challenge. We look forward to working with our fellow partners to advance our shared carbon reduction ambitions. »

In 2021, Chevron launched Chevron New Energies (CNE) to accelerate low-carbon hydrogen business; carbon capture, use and storage; offsets; and emerging energy opportunities, as well as supporting Chevron’s continued focus on renewable fuels and products. As part of its strategy, CNE focuses on customers in sectors of the economy whose emissions are more difficult to reduce.

“Chevron leverages our capabilities, assets and customer relationships to identify opportunities to reduce emissions from our own operations, while identifying ways in which critical sectors of the economy, such as marine industry, can meet their carbon reduction targets,” said Austin. Knight, vice president of hydrogen for Chevron New Energies. “Alongside Chevron Shipping, we look forward to collaborating with GCMD and its partners in this effort.”

About Herringbone

Chevron is one of the world’s leading integrated energy companies. We believe that affordable, reliable and ever cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that improve our business and the industry. We are focused on reducing the carbon intensity of our operations and seek to develop low carbon activities alongside our traditional lines of business. More information about Chevron is available at www.chevron.com.

About the Global Center for Maritime Decarbonization

The Global Center for Maritime Decarbonization (GCMD) was established on August 1, 2021 with funding from the Maritime & Port Authority of Singapore (MPA) and six founding partners, namely BHP, BW, DNV Foundation, Eastern Pacific Shipping, Ocean Network Express and Sembcorp. Marine. The Centre’s mission is to help the marine industry reduce its carbon emissions as quickly as possible by developing standards, deploying solutions, funding projects and fostering collaboration across sectors. Strategically located in Singapore, the world’s largest maritime supply hub and second largest container port, the Center will coordinate regional and global decarbonization efforts. In January, the Center awarded its ammonia bunkering safety study to a consortium led by DNV, with Surbana Jurong and the Singapore Maritime Academy as partners. For more information, please visit www.gcformd.org.

CAUTION REGARDING FORWARD-LOOKING INFORMATION FOR THE PURPOSES OF THE “SAFE HARBOUR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements regarding Chevron’s operations and energy transition plans that are based on management’s current expectations, estimates and projections regarding the petroleum, chemical and other energy-related industries. . Words or phrases such as “anticipate”, “expect”, “intend”, “plan”, “target”, “progress”, “commit”, “push”, “aim ”, “plans”, “projects”, “believes”, “approaches”, “seeks”, “plans”, “estimates”, “positions”, “pursues”, “may”, “may”, “could”, “should”, “will”, “budgets”, “outlook”, “trends”, “directions”, “focus”, “on track”, “goals”, “objectives”, “strategies”, “opportunities”, “on the verge”, “potential”, “ambitions”, “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual results may differ materially from what is expressed or anticipated in such forward-looking statements. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, Chevron undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Important factors that could cause actual results to differ materially from those set forth in the forward-looking statements include: changes in crude oil and natural gas prices and demand for the company’s products, and reductions production due to market conditions; crude oil production quotas or other measures that may be imposed by the Organization of the Petroleum Exporting Countries and other producing countries; technological advances; changes in government policies in the countries in which the company operates; public health crises, such as pandemics (including the coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions to the Company’s global supply chain, including supply chain constraints and escalating cost of goods and services; changes in the economic, regulatory and political environments in the various countries in which the company operates; general national and international economic and political conditions; changes in refining, marketing and chemicals margins; the actions of competitors or regulators; exploration expenditure schedule; crude oil lifting schedule; the competitiveness of alternative energy sources or product substitutes; the development of large carbon capture and offset markets; the operating results and financial condition of the company’s suppliers, vendors, partners and affiliates, particularly during the COVID-19 pandemic; the inability or failure of the Company’s joint venture partners to finance their share of operations and development activities; the potential inability to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; potential disruption or interruption of business operations due to war, accidents, political events, civil unrest, extreme weather, cyber threats, acts of terrorism or other causes natural or human beyond the company’s control; potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant changes in operations, investments or products undertaken or required by existing or future environmental laws and regulations, including international agreements and national or regional legislation and regulatory measures intended to limit or reduce greenhouse gas emissions Greenhouse ; potential liability resulting from pending or future litigation; future acquisitions or dispositions of assets or shares of the company or the delay or failure of such transactions depending on the required closing conditions; the potential for gains and losses resulting from disposals or write-downs of assets; sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in tax terms or government imposed restrictions; movements of foreign currencies against the US dollar; significant reductions in corporate liquidity and access to debt markets; receipt of required board approvals to implement capital allocation strategies, including future share buyback programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by regulatory bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under “Risk Factors” on pages 20-25 of the company’s 2021 Annual Report on Form 10-K and subsequent filings with the United States Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this press release could also materially adversely affect any forward-looking statements.

Show source version on businesswire.com:https://www.businesswire.com/news/home/20220406005444/en/

CONTACT: Herringbone

Creighton Welch

[email protected]

281.703.2728

Global Maritime Decarbonization Center

Tina Ang

[email protected]

+65 6979 7660

KEYWORD: CALIFORNIA SINGAPORE UNITED STATES NORTH AMERICA ASIA PACIFIC

INDUSTRY KEYWORD: MARITIME ENVIRONMENT TRANSPORT OIL/GAS ALTERNATIVE ENERGY ENERGY

SOURCE: Chevron Corporation

Copyright BusinessWire 2022.

PUBLISHED: 06/04/2022 05:00/DISC: 06/04/2022 05:02

http://www.businesswire.com/news/home/20220406005444/en

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