Chevron is pledging to invest $10 billion through 2028 in a push to expand renewable fuels and gas, hydrogen and carbon capture.
Driving the news: The oil giant this morning announced specific targets for fuels production and CO2 capture levels by 2030.
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It pledged to reach 100,000 barrels per day of renewable fuels including renewable diesel and sustainable aviation fuels.
Achieve 150,000 tonnes per year of hydrogen production.
Capture or offsetting 25 million tonnes per year of CO2.
The $10 billion, which Chevron called triple its prior plans, includes $2 billion to lower the emissions intensity of its operations, it said.
The big picture: The company said it's focused on fuels that help lower emissions from sectors that are hard to electrify, like aviation and heavy industry.
Why it matters: Oil giants face increasing pressure from investors and activists to do far more on climate change.
Advocates want far tougher steps that move the companies away from their dominant carbon-emitting oil-and-gas businesses, and the new pledges are unlikely to significantly ease that criticism or pressure.
Catch up fast: Chevron in March announced new targets for cutting emissions intensity — that is, per unit of output — and has been striking new deals and partnerships on alternative fuels and climate.
But the company and its peer Exxon have so far eschewed the long-term "net zero" pledges popular among European majors.
What they're saying: Andrew Logan, of the sustainable investment advocacy group Ceres, said in an email, "[A]t a quick glance this looks like a step forward, but a relatively modest step when what is needed is a giant leap."
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