U.S oil major, Chevron Corporation has said it is not considering shrinking its oil and gas business for wind and solar energy unlike some rivals.
The firms Chief Financial Officer (CFO), Pierre Breber, gave the indication on Thursday, amid pressure from shareholders to lower carbon emissions.
The company said it would invest some $3 billion into lowering emissions between now and 2028 – a figure it expected to grow.
Chevron’s shareholders in May voted in favor of a proposal to cut emissions generated by the use of its products.
In February this year, Oriental News Nigeria, reported a $300 million fund launched by Chevron which focused on low-carbon technology, as traditional global oil and gas firms attempt to invest more in green energy and tackle climate change.
Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.
Earlier this month, top U.S. oil producer, Exxon Mobil Corporation unveiled a carbon-removal technology venture that would directly compete with Occidental Petroleum Corporation’s efforts to develop the largest ever facility to pull carbon dioxide out of the atmosphere.
Chevron Technology Ventures, the venture capital division of the company, launched the first Future Energy Fund in 2018 and has invested in more than 10 companies in the field that focus on carbon capture and energy storage.
Last month, Chevron invested in Blue Planet Systems Corporation, a startup commercialising a technology that makes a substitute for limestone in concrete and building materials from carbon dioxide.
The oil major in October also formed a joint venture to market dairy biomethane, a renewable natural gas made of methane emissions from cattle burps as part of its push to reduce emissions.
(Oriental News)
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