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Chevron and Restore the Earth Foundation Agree to Collaborate on Carbon Offsets Reforestation Project in Louisiana
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Rhea-AI Summary
Chevron's New Energies division has partnered with Restore the Earth Foundation for a reforestation project in St. Charles Parish, Louisiana. This initiative covers up to 8,800 acres and aims to plant approximately 1.7 million native bald cypress seedlings. The project is expected to facilitate carbon sequestration and contribute to local ecosystem restoration. Chevron's investment reflects its commitment to lower carbon solutions, supporting both corporate sustainability goals and customer demands for reduced carbon footprints.
Positive
Chevron is investing in a significant reforestation initiative, covering up to 8,800 acres.
The project aims to plant 1.7 million native bald cypress seedlings, enhancing biodiversity.
This initiative aligns with Chevron's commitment to carbon offsets and sustainability.
Negative
None.
HOUSTON & ITHACA, N.Y.--(BUSINESS WIRE)--
Chevron U.S.A. Inc., through its Chevron New Energies division, and Restore the Earth Foundation, Inc. announced agreement for a reforestation project for up to 8,800 acres of property in St. Charles Parish, Louisiana.
The project will bring together Chevron and Restore the Earth Foundation to develop a nature-based solution, which is expected to remove carbon from the atmosphere and be focused on reforesting natural cypress forests and swamps in St. Charles Parish. Chevron will provide funding for Restore the Earth to plant an expected 1.7 million native bald cypress seedlings as part of the project.
“Carbon offsets are expected to play a notable role in global carbon reduction. Chevron New Energies is proud to collaborate with Restore the Earth on our inaugural carbon offsets project – bringing lower carbon solutions to Chevron as well as our customers,” said Barbara Harrison, vice president of Offsets & Emerging of Chevron New Energies. “In addition to helping remove carbon, the seedling replanting is anticipated to contribute to local forest and wetland ecosystem restoration.”
In 2021, Chevron launched Chevron New Energies to accelerate lower carbon businesses in hydrogen; carbon capture, utilization and storage (CCUS); offsets; and emerging opportunities, as well as support Chevron’s continued focus on biofuels. The St. Charles Parish cypress reforestation project is expected to generate carbon offsets that could both help offset Chevron’s carbon emissions, and also help customers achieve their lower carbon goals.
“We are excited to launch this partnership with Chevron New Energies. Restore the Earth’s landscape-scale reforestation is a nature-based solution critical to addressing climate change and provides so many additional environmental and social benefits to the region and to the nation,” said P.J. Marshall, founder and executive director, Restore the Earth Foundation, Inc. “Forward-thinking organizations like Chevron New Energies are initiating impactful and simple solutions that provide for healthy ecosystems, biodiversity, habitat and community resiliency in self-sustaining systems—taking the long-term perspective of generations, decades and centuries, providing for overall well-being, livelihood, identity and culture.”
“Partnering with Restore the Earth Foundation and Chevron to accelerate reforestation on Louisiana Wildlife and Fisheries lands helps us to reach the full potential of enhanced, sustained, protected and conserved habitat of wildlife species supporting vegetation and biodiversity on our Wildlife Management Areas,” said Jack Montoucet, Secretary of the Louisiana Department of Wildlife and Fisheries. “Additional benefits of the restored Louisiana forested wetlands include the carbon sequestration of the trees supporting climate mitigation and LDWF adaptation goals.”
“We are incredibly thankful to have Chevron as a community partner and appreciate their continued commitment to coastal restoration in St. Charles Parish,” said Matt Jewell, president of St. Charles Parish.
About Chevron
Chevron is one of the world’s leading integrated energy companies. We believe 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 enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.
About Restore the Earth Foundation
Restore the Earth is a 501(c)(3) not for profit with a mission of restoring the Earth’s essential forest and wetland ecosystems. Restore the Earth knows that it is possible to go beyond just protecting our environment—it is possible to restore it. A restored environment at a landscape scale creates incredible value for ecosystems, biodiversity, habitat, communities, business and the Earth. Restore the Earth works together with partners to bring solid solutions to deliver successful restoration to meet strategic objectives. More information about Restore the Earth is available www.restoretheearth.org.
CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “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 outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure 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; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting 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 the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.
