GHG Emissions, Sourcing Renewables - September 17, 2021
Chevron to Increase Low-Emission Energy Investment to $10 Billion
Chevron Corporation announced Sept. 14 its plans to increase its investment in lower-carbon energy businesses by three times its previous commitment.
The energy company is now planning to invest a total of $10 billion into renewable fuel, hydrogen and carbon capture by 2028. Additionally, $2 billion of this investment will go toward lowering the carbon intensity of Chevron’s operations.
By 2030, Chevron plans to increase renewable natural gas production to 40,000 MMBtu per day for heavy-duty transport, renewable fuels like renewable diesel and sustainable aviation fuel to 100,000 barrels per day, and hydrogen production to 150,000 tons per year for industrial and heavy duty transport customers. The company is also targeting an increase in carbon capture and offsets to 25 million tons per year through industry partnerships.
“Chevron intends to be a leader in advancing a lower carbon future,” Michael Wirth, Chevron’s chairman and CEO, said in a statement. “Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets, and customer relationships.”
Chevron is still committed to its previous targets of cutting greenhouse gas intensity by 35% between 2016 and 2028 and generating $25 billion of cash flow by 2025.
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