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September 15, 2021updated 22 Jul 2022 12:14pm

Chevron to increase investment in low-carbon businesses to $10bn

The firm has also set 2030 growth targets for renewable fuels, hydrogen, and carbon capture.

By Archana Rani

Chevron has committed to more than triple its investments in lower-carbon technologies to $10bn by 2028 from the previous guidance of $3bn.

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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.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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