Chevron has committed $10 billion in lower carbon investments and projects by 2028, according to Mike Wirth, Chevron Chairman and CEO.
He said the money will go toward hydrogen and renewable fuels, as well as carbon capture, utilization, and storage.
why it matters
According to the UN Intergovernmental Panel on Climate Change (IPCC), achieving the Paris Agreement’s goals will require peaking emissions as soon as possible. It will also require global net zero emissions by between 2065 and 2080.
The IPCC notes numerous potential pathways to achieving those goals, including the continued use of oil and gas, even in rapid decarbonization scenarios.
stepping up
Wirth said it’s important to work together to test and scale new technologies before bringing them to market.
“We need to move rapidly,” he said. “We need to engage with innovation through universities, national laboratories and startup companies, all of which we work closely with, to try to bring these new technologies into the market.”
“What’s different between energy and information technology, which has transformed all of our lives, is you’re dealing in the physical world with the laws of thermodynamics, physics and economics. You need to build things.” says Mike Wirth, chairman and CEO.
“It’s very difficult to change as rapidly as some people would like,” Wirth said.
“What’s different between energy and information technology, which has transformed all of our lives, is you’re dealing in the physical world with the laws of thermodynamics, physics and economics. You need to build things.” says Mike Wirth, chairman and CEO.
more on that
Chevron strives to be among the most efficient and responsible producers of lower carbon energy. Wirth noted the progress it is making will take time.
“It’s very difficult to change as rapidly as some people would like,” Wirth said.
“There’s massive investments, trillions of dollars, in the existing system that has evolved over 150 years.”
Source: Chevron
Source: Chevron
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