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2002 <strong>Chevron</strong>Texaco Corporate Responsibility Report Environmental IssuesClimate Change (Continued)2 Investing in research, development and improved technology: Weinvest in research to improve understanding of global climate changeissues, identify mitigation strategies and improve the cost-effectivenessof mitigation technology. We develop and apply cost-effective technologiesthat reduce the carbon emissions of producing, deliveringand consuming our products. For example:> <strong>Chevron</strong>Texaco, along with several other companies and U.S. governmentagencies, co-funds the work of the Massachusetts Instituteof Technology Joint Program on the Science and Policy for GlobalClimate Change.> <strong>Chevron</strong>Texaco is a member of or supports a variety of CO 2 captureand geologic storage initiatives designed to develop these promisingtechnologies. Examples include:– Global CO 2 Capture Project;– GEOSEQ geologic sequestration project, a joint venture betweenthree U.S. National Laboratories;– GEODISC,which is run by the Australian Petroleum CooperativeResearch Centre to study long-term CO 2 storage;– the Weyburn Project, a Canadian government-industry initiativealso focusing on geologic sequestration.3 Pursuing business opportunities in promising, innovative energytechnologies: Our research and business units are evaluating andinvesting in advanced energy technologies that have the potential ofbeing commercially viable and beneficial to the environment.4 Supporting flexible and economically sound policies and mechanismsthat protect the environment: We respect the varied views ofpartner nations on this complex issue. We assist in government policydevelopment and decision-making on energy issues and participateconstructively in dialogue with a broad range of stakeholders on climatechange issues. We support the development and use of internationalmechanisms such as emissions trading, Clean DevelopmentMechanism and Joint Implementation, which provide flexible, market-based,economically sound means to reduce emissions.<strong>Chevron</strong>Texaco has established an internal Climate Change SteeringCouncil consisting of senior managers from our business units, as well astechnology experts. The Steering Council oversees the deployment of<strong>Chevron</strong>Texaco’s climate change strategy,coordinating information andbest-practice sharing, and reviewing and revising the strategy. TheSteering Council also has formed several project teams to develop recommendationson specific issues related to climate change, such as emissionstrading and management of greenhouse gases in capital projects.We also have gained operational experience with CO 2 capture and storage.For example, we have been reinjecting CO 2 at the Rangely,Colorado, field since 1986 for the purpose of enhanced oil recovery.Since that time, we estimate more than 19 million metric tons of CO 2have been stored.© 2003 <strong>Chevron</strong>Texaco Corporation. All Rights Reserved.39