Innovation

invest in the future by targeting breakthrough technologies

We invest in breakthrough technologies that can deliver cleaner energy on a global scale. Since its inception in 2018, Chevron Technology Ventures’ $100 million Future Energy Fund has pursued innovative technologies that could be a part of the future energy mix. Recent investments support technology development in the areas of energy efficiency, battery storage and management, autonomous vehicles and carbon capture. We committed $100 million to the $1 billion+ Oil and Gas Climate Initiative (OGCI) Climate Investments Fund to lower the carbon footprint of the energy and industrial sectors and have invested over $1 billion in carbon capture, utilization and storage projects in Canada and Australia, which includes the Gorgon’s Carbon Dioxide Injection project – one of the world’s largest integrated carbon capture and storage projects in operation.

carbon capture utilization and storage

Chevron’s CO2 Injection Project at Gorgon, one of the world’s largest integrated carbon capture and storage projects, will reduce greenhouse gas emissions by approximately 40 percent.

carbon capture, utilization and storage (CCUS)

CCUS is part of a portfolio of emerging GHG-mitigation technologies that can help manage future emissions, although the economics of this technology remain challenging. According to the IEA, CCUS is an important tool for mitigating GHG emissions and meeting the goals expressed in the Paris Agreement. CCUS is one of the key focus areas for the OGCI’s $1 billion+ investment fund, which aims to invest in projects that demonstrate commercial viability and scalability.

Chevron has invested approximately $1.1 billion in CCUS projects, which, once operational, are expected to reduce GHG emissions by about 5 million metric tons per year, approximately the equivalent of GHG emissions attributable to 620,000 U.S. homes’ annual electricity usage. In addition, Chevron has invested more than $75 million in CCUS research and development over the past decade.