Chevron Launches $500 Million Fund to Invest in Clean Tech
Chevron Launches $500 Million Fund to Invest in Clean Tech Yahoo Finance
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Chevron Launches Future Energy Fund III with $500 Million Commitment
Chevron Corp.’s venture arm, Chevron Technology Ventures, has launched its third fund, called Future Energy Fund III, with a commitment of $500 million to invest in clean energy technologies. This initiative aligns with the Sustainable Development Goals (SDGs) set by the United Nations.
Expanding Investment in Clean Energy Technologies
The Future Energy Fund III allows Chevron to explore innovative technologies that are not currently connected to its core business. The fund will focus on areas such as fusion, direct air capture, batteries, low carbon fuels, and the transformation of carbon into higher-value products. By investing in these technologies, Chevron aims to contribute to the SDGs and support the global transition to clean energy.
Diversifying Portfolios and Reducing Emissions
Oil companies, including Chevron, have been diversifying their portfolios by investing in tech companies that specialize in biofuels, wind, solar, carbon capture, digital energy, and electric vehicles. This strategic move is driven by the need to reduce emissions and adapt to the changing energy landscape. By investing in clean energy technologies, Chevron aims to align its business with the SDGs and contribute to a more sustainable future.
Building on Previous Success
The Future Energy Fund III builds on the success of Chevron’s previous clean tech investments. The first Future Energy Fund was launched in 2018, followed by a second fund in 2021, with a total commitment of $400 million. These funds have already supported more than 30 companies, including Aurora Hydrogen Inc., Electric Era Technologies Inc., ChargePoint Holdings Inc., and Carbon Clean Solutions Ltd.
Continued Commitment to Sustainable Development Goals
Chevron Technology Ventures has not set a specific timeline for deploying the funds or selecting the companies that will benefit from the Future Energy Fund III. However, this initiative demonstrates Chevron’s ongoing commitment to investing in clean energy technologies and supporting the achievement of the SDGs.
(Updates with additional details in the second paragraph. An earlier version of this story corrected the figure in the first paragraph.)
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 13: Climate Action
- SDG 17: Partnerships for the Goals
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.
- SDG 17.17: Encourage and promote effective public, public-private, and civil society partnerships.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
The article mentions several indicators that can be used to measure progress towards the identified targets:
- Investment amount in clean energy technologies (e.g., $500 million commitment)
- Expansion of investment in low carbon fuels and transformation of carbon to higher-value products
- Number of clean tech investments made by the fund (e.g., more than 30 firms)
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | Increase substantially the share of renewable energy in the global energy mix. | Investment amount in clean energy technologies (e.g., $500 million commitment) |
| SDG 9: Industry, Innovation, and Infrastructure | Upgrade infrastructure and retrofit industries to make them sustainable. | Expansion of investment in low carbon fuels and transformation of carbon to higher-value products |
| SDG 13: Climate Action | Integrate climate change measures into national policies, strategies, and planning. | Number of clean tech investments made by the fund (e.g., more than 30 firms) |
| SDG 17: Partnerships for the Goals | Encourage and promote effective public, public-private, and civil society partnerships. | N/A |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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