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    Chevron ups energy transition ante

Summary

The US major pledges to triple its financial commitments to clean energy.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Americas, Energy Transition, Hydrogen, Renewables, Corporate, Investments, Financials, Infrastructure, Carbon Capture and Storage (CCS), News By Country, United States

Chevron ups energy transition ante

US major Chevron said September 14 it was targetting its efforts in the energy transition to industries that are difficult to decarbonise.

Chevron’s clean energy division said it anticipated gains in output of cleaner fuels such as hydrogen and renewable natural gas, a byproduct of the decomposition of organic waste.

“Renewable fuels, hydrogen and carbon capture target customers such as airlines, transport companies and industrial producers,” said Jeff Gustavson, president of Chevron New Energies.  “These sectors of the economy are not easily electrified, and customers are seeking lower carbon fuels and other solutions to reduce carbon emissions.”

The company said it expected to invest more than $10bn through 2028 on efforts to improve its low-carbon segments. The commitment is more than triple its previous capital plans for the energy transition.

Chevron has already made strides related to cleaner sources of energy, expanding on a joint venture with biomethane producer Brightmark last month. The partners announced “additional equity investments” would support the construction of the infrastructure necessary to bring 10 dairy farm-sourced methane projects to commercial service across Midwest states and South Dakota.

A recent collaboration with Caterpillar includes demonstration projects for hydrogen-fuelled railcars and associated infrastructure, work that Chevron said would begin immediately.