Chevron the Venture Capitalist: The Oil Giant Is Pumping $500 Million Into the Future of Energy
(NYSE: CVX) is one of the world's top oil and gas investors. The energy company will spend about $14 billion on oil and gas development projects in 2024 alone. It could invest even more money into fossil fuels this year if it can close its roughly $60 billion acquisition of oil and gas producer Hess.
However, Chevron isn't burying its head in the sand when it comes to climate change and the global transition to lower-carbon energy. It has committed to spend $10 billion on lower carbon energy investments and projects by 2028.
One aspect of its strategy has been using its venture capital arm to launch funds that invest in innovative companies focused on lower carbon energy. Chevron just launched its third fund, committing to invest another $500 million in lower-carbon energy.
Source Fool.com
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