The CEO and Chairman of Chevron, Mike Wirth, has said the US-based oil major has earmarked $10 billion up to 2028 to invest in projects based on lower carbon technologies, such as utilisation, carbon capture and storage.
Speaking to Andy Serwer, the editor-at-large at finance magazine Barron’s, Wirth said:
“Climate change is real. There’s no doubt about it. Chevron is taking steps to lower the carbon intensity of our business in a way that helps contribute to addressing the challenge.”
The Paris Agreement set the goal of limiting global warming to well below 2 degrees more than the world’s pre-industrial average, but to achieve this, the world’s overall emissions will need to become net zero between 2065 and 2080, with them preferably peaking as soon as possible, according to the UN Intergovernmental Panel on Climate Change (IPCC). The IPCC has included the possibility of the ongoing consumption of gas and oil in its potential pathways for realising this ambition.
Wirth said that the various players need to work rapidly and collaborate in testing and scaling up new technologies ahead of commercialising them, saying:
“We need to engage with innovation through universities, national laboratories and startup companies, all of which we work closely with…”
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