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The US major is targeting $10bn in total investments in low-carbon technologies between now and 2028.

By Joseph Murphy

US major Chevron plans to invest $2.5bn over the next five years and a half on developing green and blue hydrogen, the vice president of hydrogen at Chevron New Energies, Austin Knight, said at a summit on June 15.

Chevron is striving to invest a total of $10bn in low-carbon technologies between now and 2028, including renewable fuels, hydrogen, carbon capture and storage, offsetting and reductions in greenhouse gas emissions, Knight said at the Financial Times Hydrogen Summit. He did not specify how those funds would be split among different technologies save for hydrogen.

"What you see right now is a shift to broader energy solutions with hydrogen and moving into clean hydrogen," he said. "We want to be a part of that ramp-up."

Knight also called for there to be clear rules on how hydrogen is defined as low-carbon. "And then let the markets work to deliver real carbon reduction," he said.