The California voluntary carbon market disclosures act (AB-1305)

The Voluntary Carbon Market Disclosures Act, Assembly Bill No. 1305 (“AB-1305”), was signed into law in California on October 7, 2023.  The newly enacted state law requires covered business entities disclose specified information regarding the sale and use of certain voluntary carbon offsets (“VCOs”), as well as claims of net zero, carbon neutrality, or significant greenhouse gas (“GHG”) emissions reductions¹.

Renewable Energy Group, Inc. (REG) is a wholly owned subsidiary of Chevron Corporation.   

Chevron publishes reports, including the Climate Change Resilience Reports, the annual Corporate Sustainability Reports, and the Methane Report, that include its targets to advance energy progress, including information about the carbon intensity of its operations, renewable fuels production, and New Energies business.  Since REG’s acquisition by Chevron, REG is collecting and providing emissions in accordance with Chevron’s internal reporting standards. 

To the extent REG makes any claims related to the GHG emissions of its products, those claims are determined to be accurate based on regulations and models promulgated by the United States Environmental Protection Agency  Renewable Fuel Standard Program, 40 C.F.R. part 80 subpart M, and/or calculations made pursuant to California Air Resources Board regulations and models under the California Low Carbon Fuel Standard. California Code of Regulations, Title 17, § 95488.8 (d).    

The disclosure made in this California Voluntary Carbon Market Disclosures Act section is provided for the entities that are subject to the law’s requirements and speaks only as of January 1, 2024. We undertake no obligation to update this information other than as required by law.  As used in this section, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “its,” “we” and “us” may refer to one or more of Chevron’s consolidated subsidiaries or affiliates or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate entities, each of which manages its own affairs. 

¹ Calif. Health and Safety Code § 44475 (2024).