In its March 2008 issue, Condé Nast Portfolio reported on 10 companies that talk the green talk but don't walk the green walk in "The Toxic Ten." The magazine asked the companies to respond. Below, a letter from Chevron contains the company's rebuttal to its inclusion on the list.
There is no justification for including Chevron in this list. The item mentions that we spend billions of dollars in alternative fuel technology and research, but conveniently avoided to add proper context. We are a leading producer of renewable energy, central to which is our position as the world's largest producer of geothermal energy; we are also investing in the next generation of biofuels that will be needed to augment U.S. energy supplies; and uniquely among our peers we are a leading provider of energy efficiency services, including solar power and hydrogen fuel cell technology, for numerous commercial customers. The company is not only a leader in developing infrastructure for hydrogen transportation fuel in the U.S., but our company operations also strive to use less energy and to lead industry efforts to measure and mitigate greenhouse gas emissions.
Chevron has recently gained recognition for its practices and performance from a number of independent organizations:
- For the last three years, Chevron has been listed on The Dow Jones Sustainability Index for North America.
- Chevron is ranked in the top tier of North American integrated oil companies by the Goldman Sachs Environment, Social and Governance Framework.
- The U.S. Department of Energy Annual Merit Review has recognized Chevron as "best in class" for our work in the area of hydrogen infrastructure technology validation.
- Fortune magazine ranked Chevron ninth among Fortune Global 100 companies for how well we have integrated responsible business practices into our business. Chevron was the only U.S. company listed in the top ten.
- An ethical investment study measuring environmental and social impacts of the oil industry, published in the Feb edition 2008 of Fast Company magazine, ranked Chevron joint second out of 10 international oil companies (the highest ranking of any North American oil company) for our performance and management practices.
The biodiesel dispute in Galveston is a superficial proof point. The magazine was told that Chevron helped financed the start up of the facility above and beyond our original commitment. But we declined to continue investing in the project, as the contract allowed, due to cost overruns and poor management of the project, not due to a lack of interest in biofuels or renewable energy. This is a complaint that has not been heard in court and we expect to prevail.
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