Chevron Allocates $10 Billion for Lower-Carbon Initiatives Through 2028
Chevron's sustainability strategy focuses on balancing oil and gas growth with carbon intensity reduction, aiming for a 35% decrease by 2028. With $7.7 billion already deployed, the company is set to enhance its New Energies portfolio significantly.
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Chevron plans to invest $10 billion in lower-carbon initiatives by 2028, with $7.7 billion already utilized by the end of 2024. The company reported the abatement of 1.2 million tonnes of CO2e annually from projects completed between 2021 and 2024, and methane intensity decreased from 2.0 to 1.7 kg CO2e per barrel of oil equivalent in 2024.
By 2025, $1.5 billion will be allocated from its $15.5 billion capital expenditure to support carbon reduction efforts. Key projects include the Bayou Bend carbon capture initiative and the ACES Delta green hydrogen hub in Utah. Chevron targets a 35% reduction in oil and gas carbon intensity and aims to eliminate routine flaring by 2030.
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