Chevron targets $10 billion in lower-carbon investments by 2028

Chevron Corp. plans to triple its total capital investment to $10 billion through 2028 to grow its lower carbon energy businesses.

The operator said Sept. 14 it has set growth targets for renewable fuels, hydrogen, and carbon capture through 2030. The company intends to grow renewable natural gas production to 40,000 MMbtu/d to supply a network of stations serving heavy duty transport customers; increase renewable fuels production capacity to 100,000 b/d to meet growing customer demand for renewable diesel and sustainable aviation fuel; grow hydrogen production to 150,000 tonnes/year to supply industrial, power, and heavy duty transport customers; and increase carbon capture and offsets to 25 million tonnes/year by developing regional hubs in partnership with others.

To achieve this scale, Chevron said, it expects to invest over $10 billion between now and 2028, including $2 billion to lower the carbon intensity of its operations. Previous guidance was $3 billion.

“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.”