Chevron launches a $300 million Future Energy Fund II to invest in low-carbon technologies
Last month, we covered Chevron after the energy giant announced a new investment in carbon capture and utilization startup Blue Planet as part of its effort to reduce CO2 emissions and combat climate change. Now, the company is doubling down its commitment to managing greenhouse gas (GHG) emissions by increasing renewables to support its business and investing in breakthrough technologies.
Yesterday, Chevron announced the launch of its $300 million Future Energy Fund II focused on technologies that have the potential to enable affordable, reliable, and ever-cleaner energy for everyone.
With the first Future Energy Fund launched in 2018, CTV invested in more than 10 companies with more than 150 other investors to support innovations in carbon capture, emerging mobility and energy storage. Building upon the success of the first Future Energy Fund, Future Energy Fund II will focus on innovation in industrial decarbonization, emerging mobility, energy decentralization and the growing circular carbon economy.
“We continue to take meaningful actions to address the challenges and opportunities of the global energy transition,” said Barbara Burger, Vice President, Innovation and President of Technology Ventures at Chevron. “I’m proud that our second Future Energy Fund has the potential to make energy and global supply chains more sustainable by helping industries and our customers build a lower-carbon future.”
Future Energy Fund II is the eighth venture fund launched since CTV was established in 1999. CTV also has a Core Energy Fund which invests in technologies with the potential to have a significant impact on Chevron’s core business through operational enhancements, digitalization and low-carbon operations. Chevron is also an investor as a limited partner in funds such as the Oil & Gas Climate Initiative’s (OGCI) Climate Investments and Emerald Technology Ventures’ Industrial Innovation Fund.
Meanwhile, Chevron is not alone in fighting climate change. PepsiCo, another Fortune 500 company, announced in January plans to more than double its existing science-based climate goal, reducing absolute greenhouse gas (GHG) emissions across the entire value chain by more than 40% by 2030.