We are taking important actions in response to this dialogue. In February 2019, we announced new methane and flaring intensity reduction targets as we updated key sections of Climate Change Resilience83 — A Framework for Decision Making. We also took steps to provide more transparency in our lobbying activities by lowering the disclosure threshold — from $500,000 to $100,000 in annual dues — for trade association memberships wherein a portion of our dues may be used for lobbying purposes. And we are committed to more disclosure in our annual Corporate Responsibility Report on issues such as gender equity, employee well-being, and recruitment and retention.” “Governmental and other entities in California and other jurisdictions have filed legal proceedings against fossil fuel producing companies, including Chevron, purporting to seek legal and equitable relief to address alleged impacts of climate change. Further[,] such proceedings are likely to be filed by other parties. The unprecedented legal theories set forth in these proceedings entail the possibility of damages liability and injunctions against the production of all fossil fuels that, while we believe remote, could have a material adverse effect on the company’s results of operations and financial condition. Management believes that these proceedings are legally and factually meritless and detract from constructive efforts to address the important policy issues presented by climate change, and will vigorously defend against such proceedings.”84 “To align employee—including management—incentives with achieving progress on climate-related issues, the Board set Upstream intensity reduction metrics of 25 to 30 percent for flaring and 20 to 25 percent for methane emissions for the 2016– 2023 time period.”85 “In our March 2018 report, we highlighted the prudent, practical and cost-effective actions we are taking as part of our commitment to addressing climate change risks to our business. In 2018, we: • Joined the OGCI, and its investment fund. • Established new CIP Scorecard GHG intensity performance measures. • Continued our support of the United Nations Sustainable Development Goals. • Focused on lower-carbon measures like CCUS, biofuels, methane management and energy efficiency, as well as reduction of our water consumption. • Launched $100 million Future Energy Investment Fund.”86 Ibid., IX, p. 87 Ibid., p. 87. 85 Chevron (February 2019), Update to Climate Resilience: A Framework for Decision Making, p. 5, available at https://www.chevron.com/-/media/shared-media/documents/update-to-climate-change-resilience.pdf (last accessed on 12 September 2019). 86 Chevron (February 2019), Update to Climate Resilience Report, p. 8, available at https://www.chevron.com//media/shared-media/documents/update-to-climate-change-resilience.pdf (last accessed on 12 September 2019). 83 84 Annex D: Corporate Statements on Climate Change and Human Rights | 19