Chevron boss still a carbon capture believer despite costly mistakes

illuminem summarises for you the essential news of the day. Read the full piece on The Australian or enjoy below:

🗞️ Driving the news: Chevron CEO Mike Wirth has reaffirmed the company's commitment to carbon capture and storage (CCS), despite persistent underperformance at its flagship Gorgon CCS project in Western Australia
• The $3.2 billion facility, launched in 2019, has stored less than half of its intended emissions — far below the target of 4 million tonnes of CO₂ annually
• Wirth acknowledged the setbacks but insisted CCS remains a vital tool for decarbonising fossil fuel operations

🔭 The context: The Gorgon CCS facility was one of the world's largest and most ambitious carbon capture projects, designed to demonstrate industry-led climate mitigation in oil and gas
• However, it has faced technical issues including equipment failures and geological challenges
• The underdelivery has raised concerns over the viability of large-scale CCS projects, especially as fossil fuel producers use them to justify ongoing production

🌍 Why it matters for the planet: While CCS is considered essential in IPCC pathways to net zero — particularly for hard-to-abate sectors — repeated operational failures threaten its credibility
• Critics argue CCS risks prolonging fossil fuel dependence without delivering promised climate benefits
• Successful deployment is critical to ensuring CCS can play a meaningful role in emissions reductions, especially in industries like cement and steel where alternatives are limited

⏭️ What's next: Chevron continues to invest in CCS globally, including new projects in the U.S. and Asia, while working to improve Gorgon’s performance
• Australian regulators are monitoring compliance and may impose stricter reporting or penalties
• As scrutiny intensifies ahead of COP30, fossil fuel firms face growing pressure to deliver measurable outcomes from climate pledges rather than rely on unproven offsets or underperforming technology

💬 One quote: “We learn from each project. CCS is not easy, but it's essential. And we’re not walking away from it.” — Mike Wirth, CEO, Chevron

📈 One stat: Gorgon has captured just 9.5 million tonnes of CO₂ in six years — less than 50% of its projected total for the period

See on illuminem's Data Hub™ the sustainability performance of Chevron and its peers ExxonMobil, Shell, and BP

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