Chevron has committed to more than triple its investments in lower-carbon technologies to $10bn by 2028 from the previous guidance of $3bn.
It plans to invest the money in carbon capture and offset projects, greenhouse gas reductions, renewable fuel projects and hydrogen energy.
However, the energy giant did not commit a 2050 net-zero emissions target.
Chevron CEO Mike Wirth was cited by Bloomberg as saying on a call with reporters: “We have not at this point declared a net-zero 2050 ambition as others have because we are still working on all of the elements that we believe will be essential in order to get there.”
Of the total committed investment, about $2bn is planned to be allocated to reducing CO₂ emissions of its operations, Chevron said.
The company will invest $3bn for carbon capture and offsets, $2bn for hydrogen energy and the remaining $3bn for renewable fuels, according to Reuters.
By 2030, the company aims to boost renewable natural gas production to 40 billion British thermal units (BTUs) per day and renewable fuels to 100,000 barrels per day.
It has also set a target to increase hydrogen production to 150,000t per year and boost carbon capture and offsets to 25 million tonnes per year by the end of this decade.
Chevron New Energies president Jeff Gustavson said: “Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers, these sectors of the economy are not easily electrified, and customers are seeking lower-carbon fuels and other solutions to reduce carbon emissions.”
Moreover, Chevron aims to reduce its greenhouse gas intensity from its oil and gas production by 35% through 2028 compared to 2016 levels.