(Reuters) – Chevron Corp on Thursday mentioned it had launched a $300 million fund targeted on low-carbon expertise, as conventional world oil and gasoline corporations try to take a position extra in inexperienced power and sort out local weather change.
Main power corporations have set targets to scale back greenhouse gasoline emissions or are exploring investments in renewable power and inexperienced expertise amid rising strain from buyers and activists.
Earlier this month, prime U.S. oil producer Exxon Mobil Corp unveiled a carbon-removal expertise enterprise that may immediately compete with Occidental Petroleum Corp’s efforts to develop the biggest ever facility to drag carbon dioxide out of the environment.
Chevron Expertise Ventures, the enterprise capital division of the corporate, launched the primary Future Vitality Fund in 2018 and has invested in additional than 10 firms within the subject that target carbon seize and power storage.
Final month, Chevron invested in Blue Planet Programs Corp, a startup commercializing a expertise that makes an alternative choice to limestone in concrete and constructing supplies from carbon dioxide.
The oil main in October additionally fashioned a three way partnership to market dairy biomethane, a renewable pure gasoline fabricated from methane emissions from cattle burps as a part of its push to scale back emissions.
Reporting by Rithika Krishna in Bengaluru; Enhancing by Ramakrishnan M.