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

Singapore’s Carbon Credit Market Surging At 21% CAGR

Late last year, the Ministry of Sustainability, and the Environment (MSE) and the National Environment Agency (NEA) had rolled out the Eligibility Criteria under...

Toucan Launches World’s First Liquid Market for Biochar Carbon Credits

Digital platform Toucan.earth is set to launch the world's inaugural 'liquid' market for biochar credits, in response to escalating interest from carbon credit buyers...

Spectaire Holdings’s Innovative Tech Helps Truckers Generate Carbon Credits

Spectaire Holdings Inc., a global leader in air quality monitoring and emissions reduction technologies, has announced a significant development in response to the mounting...

Oxford Revises Principles for Net Zero Aligned Carbon Offsetting

A team of Oxford University researchers has released an updated version of the flagship guidance on credible and net zero-aligned carbon offsetting. First published...

What Is COP28? Key Issues to Watch Out at 2023 Climate Summit

After a record-breaking year of devastating effects of climate change, from record wildfires in Greece and Canada to floods in Libya, the United Nations...

Climate Disclosure: New Corporate Standards for a Net Zero World

As part of the world’s continued efforts to combat climate change and transition towards net zero, one important piece of the puzzle is new...

Carbon Pricing: Understanding The Economics and Trends of Fighting Climate Change

As global temperatures continue to rise, the urgency surrounding climate policies has intensified, thrusting carbon pricing into the limelight of climate discussions. The race to...

The EU Corporate Sustainability Reporting Directive (CSRD): Key Things to Know

Companies operating in the European Union will have to deal with new non-financial and sustainability reporting requirements starting January 2024 with the EU's Corporate...