The commitment is more than triple of its previous guidance of $3 billion.
The US major listed 4 goals for 2030:
- grow renewable natural gas production to 40,000 MMBtu a day
- boost renewable fuels production capacity to 100,000 barrels a day
- increase hydrogen production to 150,000 metric tons a year
- expand carbon capture to 25 million metric tons a year
Chevron´s Chief Executive Mike Wirth said:
- Chevron intends to be a leader in advancing a lower carbon future
- Our planned actions target sectors of the economy that are harder to abate and leverage our capabilities, assets and customer relationships
- With the anticipated strong cash generation of our base business, we expect to grow our dividend, buy back shares and invest in lower carbon businesses
- We believe a strategy that combines a high return, lower carbon traditional business with faster growing, profitable new energy ones positions us to deliver long-term value to our shareholders
In 2020, the company’s emissions from operations amounted to 54m tonnes of carbon dioxide equivalent.