Chevron Corporation [CVX:US], an American multinational energy firm, has unveiled its investments in two lower-carbon initiatives in Western Australia (WA), as reported by Reuters on August 10. Chevron’s Australian arm, Chevron Australia New Energies, will contribute funding to Carbon Sync, a WA-based venture involved in a pilot project for soil carbon sequestration across an expanse of up to 80,000 hectares of WA’s cropping and grazing region. This endeavor marks Chevron’s initial foray into nature-based carbon offsets project in Australia. In addition, Chevron will collaborate with Deakin University on a multi-year research project aimed at investigating potential opportunities for carbon dioxide (CO2) sequestration in WA’s coastal wetlands.
These undertakings are in line with Chevron’s overarching strategy to invest USD10bn in lower-carbon projects through 2028, including USD2bn allocated to reducing the carbon intensity of Chevron’s operations. In March 2023, the company entered into an agreement with prominent Japanese power generation company JERA to jointly develop carbon capture and storage (CCS) projects in the US and Australia. By participating in lower-carbon projects around the world, Chevron aims to elevate its carbon capture and offset capabilities to 25 million tons per year by 2030. Moreover, the company has set growth targets for lower carbon businesses such as renewable fuels and hydrogen production, aiming to meet the growing demand for environmentally friendly fuels from clients in industries that are challenging to decarbonize.