Chevron triples low-carbon investment, pledges $10bln through 2028

  • Sep 14, 2021
  • Zawya

It plans to grow hydrogen production to 150,000 tonnes a year to supply industrial, power and heavy duty transport customers and raise carbon capture and offsets to 25 million tonnes a year by developing regional hubs along with others.

The company had this year announced the creation of a new unit to manage the second largest U.S. oil producer's low-carbon investments, with an initial focus on alternative energy sources like hydrogen and technologies, including carbon capture.

The new unit was set up as the Biden administration has been pushing its climate change agenda that seeks to cut greenhouse gas emissions and work towards reducing the sector's carbon footprint.

Chevron on Tuesday reaffirmed its expectation to generate $25 billion in cash flow, above its dividend and capital spending, over the next five years.

It also restated its 2028 upstream production greenhouse gas intensity targets, which equate to an expected 35% reduction from 2016 levels.

The announcement comes ahead of Chevron energy transition conference scheduled to be held later in the day.

(Reporting by Arunima Kumar in Bengaluru; Editing by Arun Koyyur) (([email protected]; Twitter: ;))