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2002 <strong>Chevron</strong>Texaco Corporate Responsibility Report Environmental IssuesClimate ChangeBackground: Addressing a Shared ConcernOne of the environmental concerns we all share is global climatechange. We recognize that the use of fossil fuels has contributed to anincrease in greenhouse gases – mainly carbon dioxide and methane –in the earth’s atmosphere.One of the most critical environmental challenges facing the world todayis finding ways to provide and use reliable, affordable energy while reducinglong-term growth in greenhouse gas emissions. Technology offers avariety of potential solutions, including efficiency improvements, CO 2capture and storage, use of biological sinks and the development ofcommercially viable nonfossil fuel energy systems, including the potentialevolution of a hydrogen fuel-based economy.Approach: Implementing a Four-Pronged Strategy<strong>Chevron</strong>Texaco recognizes and shares the concerns that governmentsand the public have about climate change. We have developed a comprehensiveprogram to manage greenhouse gas emissions, and it isbeing integrated into our business decisions. For example, since 2001we have required our businesses to integrate greenhouse gas emissionsanalysis into the planning for all major capital projects.<strong>Chevron</strong>Texaco believes that although fossil fuels are a finite resource,they will continue to meet the vast majority of global energy demandfor at least the next 30 years. Energy from renewable resources, such aswind and solar, is expected to contribute a small but growing fractionto total energy sources. We invest in a variety of renewable and alternativeenergy technologies and believe that those energy sources willbe important in the overall mix of energy for the global economy inthe future. But widespread application will depend on many factors,including the rate of technological development, market acceptanceand demonstration of economic viability.In addressing climate change, <strong>Chevron</strong>Texaco works closely with governments,academic institutions, nongovernmental organizations andothers to create environmentally, technically and economically soundsolutions. As a company with global operations, we are respectful of thedecisions made by the countries where we operate regarding the KyotoProtocol. Our businesses work closely with each country’s governmentto manage greenhouse gas emissions from our operations and to helpour business partners and customers achieve their emissions goals.<strong>Chevron</strong>Texaco’s climate change strategyconsists of the following four-pronged approach:1 Reducing emissions of greenhouse gases and increasing energyefficiency: Our goal is to reduce emissions per unit output fromoperations. We inventory our emissions and use innovative technologiesto continually improve the energy efficiency of our existingoperations, new projects and products. We are incorporating greenhousegas emission assessments into our capital project evaluations.The following are examples of where we have improved existingprocesses or deployed new technologies that have resulted in reducedgreenhouse gas and other emissions:> In Indonesia, we switched from crude oil to natural gas for firing thesteam generators in the Duri Field in 1999 –2000, reducing emissionsof carbon dioxide by more than 1 million metric tons per year.> In Kuwait’s Wafra oil field and California’s Kern River oil field, weswitched to natural gas to generate electricity and steam. These movesalso reduced carbon dioxide emissions by more than 1 million metrictons per year.> We have a number of projects under way that will significantly reduceroutine flaring of gas in our international upstream operations.> In the United States, <strong>Chevron</strong>Texaco participates in cogenerationprojects that, together, produce enough electricity to power morethan 1 million homes. For example, two cogeneration facilities inKern County, California, with their high generating efficiencies ascompared with conventional gas-fired simple-cycle power plants,provide 600 megawatts of electricity while emitting substantiallyless carbon dioxide.> <strong>Chevron</strong>Texaco participates in the United States EnvironmentalProtection Agency’s (EPA) Natural Gas Star Program to reducemethane emissions. In 2003, the EPA awarded <strong>Chevron</strong>Texaco aCertificate of Achievement for its continuing accomplishments,citing the company for “aggressively reducing methane emissionsand helping lead the way to reducing climate change impacts.” OurU.S. upstream operating company removed a volume of emissionsequivalent to planting more than 1.9 million acres of trees or takingmore than 1.4 million cars off U.S. highways for one year. As separatecompanies, <strong>Chevron</strong> and Texaco were members of the upstream Starprogram since its inception in 1995. Both companies previously wererecognized as “partners of the year.”© 2003 <strong>Chevron</strong>Texaco Corporation. All Rights Reserved.38