HomeCarbon MarketsChevron Triples its Low-Carbon Investment to $10 Billion

Chevron Triples its Low-Carbon Investment to $10 Billion

Chevron recently announced a $10 billion dollar investment into low carbon business initiatives. Half of that budget will be spent on reducing emissions from fossil fuel initiatives.

Here is the breakdown of the investment:

    • $3 billion for Carbon capture and offsets
    • $2 billion on reducing greenhouse gas
    • $3 billion on renewable fuels
    • $2 billion on hydrogen energy

To achieve this Chevron will increase:

    • Renewable fuels production to 100,000 barrels per day
    • Renewable natural gas output to 40 billion British thermal units (BTUs) per day.
    • Hydrogen production to 150,000 tonnes per year to provide industrial, power, and heavy-duty transportation clients
    • Carbon capture and offsets to 25 million tonnes per year.

This $10 billion investment’s goal is to reduce greenhouse gas emissions from its oil and gas production by 35 percent by 2028.

The company will be releasing its climate report later this year and will revisit its net-zero goal at that time.

Critics have stated that Chevron’s focus is on offsetting emissions from oil and gas production rather than lowering oil output.

European oil companies have set the benchmark for the transition away from fossil fuels by investing more in renewables and meeting 2050 emission objectives.

Chevron CEO, Michael Wirth, said the only a small percentage of the company’s shareholders presently support a European oil company strategy of investing in less lucrative solar and wind power.

US-based Chevron, Exxon, and Occidental Petroleum have also pledged to cut carbon emissions by supporting carbon capture and storage and doubling down on oil.

Most Popular
LATEST CARBON NEWS

WEF and Indonesia Join Hand to Boost Blue Carbon Credits

The World Economic Forum (WEF) and Indonesia have signed a partnership to ramp up the nation’s blue carbon efforts as well as address the...

T-Mobile Commits to 2040 Net Zero Target

T-Mobile revealed its net zero emissions target across all Scopes - 1, 2, and 3 - with the Science Based Targets initiative’s (SBTi) approval. T-Mobile’s...

BP’s 2023 Outlook for Global Energy Transition: Key Takeaways

BP Energy Outlook 2023 unlocks the key trends and insights surrounding the global energy transition out to 2050.  The 2023 Energy Outlook’s three main scenarios...

Wildfires Cost Over $148B and 30% of Emissions

A new report by Dryad Networks unveiled the hidden costs and impacts of wildfires, its carbon emissions, and how early detection can prevent huge...
CARBON INVESTOR EDUCATION

Abandoned Oil Wells and Carbon Credits

You’ve probably seen dozens of pictures before that look exactly like the one above. An active oil field littered with pumpjacks, all churning out oil...

Is Offsetting Carbon Worth It?

Is offsetting carbon worth it? This question has never been more controversial right now and it deserves a good answer, especially if you're into...

How Does Carbon Capture and Utilization Work?

Carbon capture and utilization technology is not only useful, but a necessary strategy to reduce atmospheric CO2 levels, and stall an increase in global...

Top 4 Carbon Stocks To Watch In 2023

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.