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Chevron outlines new climate strategy

Firm to invest in renewable fuels, hydrogen and CCUS to decarbonise its operations

US oil major Chevron has outlined a new emissions reductions strategy to cut 30mn t CO₂ from its operations by 2028 using renewable fuels, hydrogen and CCUS technologies. The firm’s strategy involves reducing the carbon intensity of its existing operations whilst simultaneously establishing a ‘new energies’ division that will develop technologies in those three sectors. This new division will initially focus on the US west coast and selected Asian markets. Chevron will commit $10bn towards achieving its target between now and 2028, up from $3bn committed previously. “Chevron intends to be a leader in advancing a lower carbon future,” said Michael Wirth, Chevron’s CEO. “Our planned action

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