2026 Valero Report on Guiding Principles - Report - Page 10
GHG Emissions
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2035 Target
Our GHG emissions target re昀氀ects our leading liquid transportation fuels strategy. Re昀椀nery absolute reductions and
our low-carbon projects are expected to generate reductions and displacements equivalent to 100% of the tonnage
from our global re昀椀nery GHG emissions (Scopes 1 and 2) by 2035. Each component below showcases our strategy:
Reductions
Displacements
Carbon
Capture
3 2. 3
Equivalent to 100% of
refinery GHG emissions
5.3
Million Metric
Tons CO2e
4.2
11. 1
10. 9
0.8
Refinery GHG
Emissions in 2011
(Scopes 1 & 2)
Absolute
Emissions
Reductions
(Scopes 1 & 2)
2035 GHG
Emissions
Displaced by
Ethanol
Production
2035 GHG
2035 GHG Emissions
Emissions
Displaced by
Displaced by
Renewable
Global Blending of
Diesel/SAF
and Credits from
Production
Low-Carbon Fuels
2035 GHG
Emissions
Reduced by
Carbon Capture
and Storage
If Target is Met,
Reduction and
Displacement will
be Equivalent to
100% of 2011 Refinery
Scopes 1&2
While the original baseline and ultimate goal remain unchanged, we have revised the 2035
GHG Emissions Target to re昀氀ect two changes. First, the absolute re昀椀nery GHG emissions
(Scopes 1 and 2) reductions were increased to account for the idling of processing units
and ceasing re昀椀nery operations at our Benicia re昀椀nery in California by the end of April 2026.
Since 2025 was its last full year of re昀椀nery operations, the 2025 GHG emissions from that
re昀椀nery were included in the “Reductions” component of the target. Secondly, the target
was also revised to re昀氀ect the decreased CCS GHG emissions reductions within the “Carbon
Capture” component of the target, which were adjusted to incorporate expectations and
developments related to certain CCS projects.
Independent Limited Assurance
Since 2021, we have engaged one or more independent third parties to evaluate, validate, and/or verify our GHG
emissions disclosures, which we intend to continue completing annually. In 2026, this included limited assurance on/of:
• Company-wide 2025 Scopes 1 and 2 GHG emissions, including re昀椀ning, renewable diesel, and ethanol segments
• Company-wide 2025 lifecycle GHG emissions displacements from our renewable diesel, SAF and ethanol production,
as well as the blending of and credits from low-carbon fuels
• Global re昀椀nery 2025 Scope 1 intensity per barrel
• The validation of our 2035 GHG emissions reduction/displacement target
Copies of independent limited assurance veri昀椀cations can be found on our website at www.valero.com > Investors >
Governance & Engagement > Other Reports. All calculations were found to be science-based and in conformity with
acceptable engineering practices.
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