Chevron launches $300 million fund to focus on low-carbon technology

Chevron Corp on Thursday said it had launched a $300 million fund focused on low-carbon technology, as traditional global oil and gas firms attempt to invest more in green energy and tackle climate change.

Major energy firms have set targets to reduce greenhouse gas emissions or are exploring investments in renewable energy and green technology amid rising pressure from investors and activists.

Earlier this month, top U.S. oil producer Exxon Mobil Corp unveiled a carbon-removal technology venture that would directly compete with Occidental Petroleum Corp’s efforts to develop the largest ever facility to pull carbon dioxide out of the atmosphere.

Chevron Technology Ventures, the venture capital division of the company, launched the first Future Energy Fund in 2018 and has invested in more than 10 companies in the field that focus on carbon capture and energy storage.

Last month, Chevron invested in Blue Planet Systems Corp, a startup commercializing a technology that makes a substitute for limestone in concrete and building materials from carbon dioxide.

The oil major in October also formed a joint venture to market dairy biomethane, a renewable natural gas made of methane emissions from cattle burps as part of its push to reduce emissions.