The quantum of the investment was not disclosed.
Chevron said it will invest in WA-based Carbon Sync, which is in charge of a trial project for soil carbon sequestration involving up to 80,000 hectares of WA’s cropping and grazing region.
This will be Chevron’s first nature-based carbon offsets project in the country.
Under the second project, Chevron is participating in a multi-year research study with Deakin University’s Blue Carbon Lab to investigate possible CO₂ sequestration options in WA’s coastal wetlands.
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Chevron Australia general manager of energy transition David Fallon said: “Our collaboration with Carbon Sync is expected to provide critical insights related to soil carbon projects, in a region with large potential for scale to help meet the forecasted demand for Australian Carbon Credit Units.
“With the Blue Carbon Lab contribution, we are excited to explore the opportunities for blue carbon in WA’s saltmarsh, mangrove and seagrass environments.”
With the new MoU, the two businesses’ prior partnership on hydrogen and renewable natural gas is now expanded to cover other liquid renewable fuels such as biodiesel, renewable diesel, and blends of renewable petrol and natural gas.
Together, the companies hope to encourage commercial and industrial adoption of low-emission fuels across North America.
Cummins president and CEO Jennifer Rumsey said: “By collaborating strategically with Chevron, we plan to improve access to fuel and infrastructure for our customers, helping grow the availability of alternative and renewable fuels while reducing emissions.”
Chevron president of Americas products Andy Walz said: “Collaborations like this one with Cummins are intended to make energy and global supply chains more affordable and reliable while helping commercial fleets who use our products and Cummins’ equipment to advance a lower-carbon world.”