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New Energy

Chevron Eyes $2.5 Billion Investments in Low-Carbon Hydrogen

  • Details come as oil majors face pressure for record gas prices
  • Spending is part of $10 billion commitment through 2028

Chevron Corp. plans to spend about $2.5 billion building up its hydrogen business this decade as the oil major accelerates investment in low-carbon technologies.

Chevron will develop both green and blue hydrogen, said Austin Knight, vice president of hydrogen at the company’s New Energies unit. The former is made with renewable energy, while the latter is created from natural gas equipped with technology to capture emissions.