Chevron plans to accelerate investments in low-carbon hydrogen

Oil major, Chevron plans to spend about $2.5 billion building up its hydrogen business to accelerate its investment in low-carbon technologies.

The company will develop both green and blue hydrogen. Chevron announced last autumn that it was allocating $10 billion toward developing renewable fuels, hydrogen and carbon capture through 2028, but it didn’t specify how that money would be split among various technologies.

Hydrogen is poised to be a key part of global efforts to reduce greenhouse-gas emissions. The clean-burning fuel can replace natural gas or coal in heavy industrial processes that otherwise are difficult to decarbonise. U.S. President Joe Biden’s infrastructure plan included funding to build at least four hydrogen hubs