Chevron Investing in Low-carbon Technologies

In February, Chevron invested in Carbon Clean, an industrial carbon capture technology developer headquartered in London. Carbon Clean’s unique selling point is its claim to make carbon capture economically viable by making its technology modular. Until the acquisition, the company had spent more than $1.1 billion in carbon capture and sequester projects.

Other recent activities by Chevron U.S.A. include expanding its joint venture with Brightmark to produce and market biomethane from dairy herds across the country. Livestock produces almost 40% of the U.S.’s methane emissions, and most of that comes from cattle.

There have also been investments beyond hydrocarbons, such as in a new-energy start-up called Zap Energy, which is developing modular fusion nuclear reactors. Another, Carbon Engineering, removes carbon dioxide from the atmosphere to convert into fuel. Chevron also signed an agreement with Cummins Inc. to develop hydrogen and alternative energy sources.  

Chevron set up a venture capital division called Chevron Technology Ventures. It manages funds worth $200 million. With another $100 million contribution to a $1 billion investment consortium that aims to reduce emissions across the oil and gas industry, its investment in greener projects comprised about 1.5% of the company’s capital and exploration budget in 2020.