09 May 2001
KPMG AND URS COMPLETE FIRST PHASE OF INDEPENDENT REVIEW OF TEXACO'S GREENHOUSE GAS EMISSIONS
The following Press Release was issued by KPMG.
FOR RELEASE: WEDNESDAY, MAY 9, 2001
LONDON, May 9 - KPMG and URS Corporation, commissioned by Texaco to
independently verify Texaco's Greenhouse Gas Emission (GHG) inventories and
protocol, today announced completion of phase one of this two-phase review.
Preliminary findings of phase one, which included a systematic review and
critique of the company's emissions inventory protocol, indicate that Texaco's
protocol is extensive in its detail and coverage - including all gases referred
to in the Kyoto Protocol as well as other gases (NOx, SOx, CO and VOCs) which
are also believed to have global warming effects.
Inventorying such gases in a manner which is credible, defensible and
transparent is the first step toward effective management of GHG emissions
reductions. Since 1997 Texaco has been annually reporting GHG data from
virtually all significant operations in which the company has an interest
against its own internally developed GHG protocol.
According to Albert Spiers, URS Vice President and Principal in Charge, "The
Texaco protocol is generally consistent with industry accepted greenhouse gas
estimation methodologies and complete with respect to the emission sources
included. Texaco has set a challenging approach to its inventory boundaries to
include not only facilities where it has management control, but also its share
of emissions from joint-owned facilities."
Phase two of the review will include examining the supporting data
corresponding to the emissions estimates for the period 1997-1999 to give
confidence that GHG data are being consistently and accurately reported. KPMG
will lead the verification audits in phase two which will be conducted globally
across Texaco's business units and will be completed by August 2001.
David Coles, Partner of KPMG's Sustainability Advisory Services practice in
London commented, "We are excited to be undertaking this project on behalf of a
forward-thinking company that is already incorporating GHG data into its
business plans and strategy. The work will add value through helping Texaco and
others to understand the reliability of its GHG data and is a prelude to
participation in future emissions trading."
Further information about Texaco's action plan responding to the challenge of
climate change can be found at our Global
Climate Change site.
