More and more countries are placing greater emphasis on transitioning to low-carbon renewable energy sources. Valero Energy Corporation, the world's largest independent petroleum refiner, has been staying ahead of the curve for more than a decade. 
The San Antonio-based company, the largest producer of renewable transportation fuels (renewable diesel and ethanol) in North America and the second largest producer of renewable diesel in the world, is managing its business to responsibly meet the world's growing demand for reliable and affordable energy while addressing climate change risk.
Recognizing the world wants lower-carbon fuels, Valero recently pledged to reduce and offset 63% of refining greenhouse gas (GHG) emissions by 2025.
"We are leveraging our global liquid fuels platform to continue expanding our long-term competitive advantage in renewables," says Joe Gorder, chairman and CEO of Valero. "Over half of our 2021 growth capital is allocated to renewable fuels."
Valero has built its reputation executing leading-edge renewable energy projects, investing more than $3 billion since 2009. The company was the first refiner to enter large-scale production of ethanol. Last year, Valero announced Texas's first renewable diesel plant, with expected completion in 2023. And this year, it announced a partnership with BlackRock and Navigator Energy Services to capture and store carbon dioxide (CO2) from its ethanol plants, aiming to produce a lower carbon intensity ethanol to be marketed in low-carbon fuel markets. Valero continues to look at ways to lower the carbon intensity of all its products, including carbon sequestration, renewable hydrogen, and sustainable aviation fuel, among others. These projects reduce the carbon intensity of Valero's liquid transportation fuels while earning attractive rates of return. In the face of pandemic-induced challenges, Valero maintained its dividend and investment-grade credit ratings while also continuing its philanthropic tradition by giving more than $58 million to its neighboring communities.
"As COVID-19 vaccines are widely distributed, we are hopeful people will feel safe to experience life again," says Gorder. "We expect the pent-up desire to travel will drive demand for our products. And we are ready to meet that demand."
This expectation, coupled with Valero's engineering innovations, sound execution, and demonstrated discipline in capital allocation, drives its ongoing commitment to produce affordable, reliable, and sustainable energy for generations to come.