A few years ago, Chevron funded the preservation of a California forest that would address climate change by storing nearly 2 million tons of carbon emissions over the next century.
In exchange, California gave Chevron credits to offset its own emissions and help the oil giant meet state carbon standards.
Chevron’s preservation payment was based on the amount of carbon the forest would sequester through roughly 2123. But in 2024, wildfire destroyed a significant portion of the forest and reduced its carbon storage potential by 25 to 50 percent, according to a recent analysis by a nonprofit research group.
California wildfires are increasingly destroying or damaging forests that the state is trying to preserve to reduce carbon emissions and address climate change, a new analysis by CarbonPlan shows.