Chevron, one of the world’s major hydrocarbon resources industry operators, on Thursday unveiled a $300 million fund focused on low-carbon technology, as most global oil and gas entities continue to intensify their investment drives in green energy and tackle climate change problems.
Over the past few years, most major energy companies have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology in the face of rising pressure from investors and activists.
For instance, earlier this month, leading U.S. oil producer, Exxon Mobil Corp., unveiled a carbon-removal technology venture to develop one of 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.
In January, Chevron invested in Blue Planet Systems Corp, a startup commercializing a technology that makes a substitute for limestone in concrete and building materials from carbon dioxide.
Before then, the company had last 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.