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Illustration: Eniola Odetunde/Axios

Chevron is pledging to invest $10 billion through 2028 in a push to expand renewable fuels and gas, hydrogen and carbon capture.

Driving the news: The oil giant this morning announced specific targets for fuels production and CO2 capture levels by 2030.

  • It pledged to reach 100,000 barrels per day of renewable fuels including renewable diesel and sustainable aviation fuels.
  • Achieve 150,000 tonnes per year of hydrogen production.
  • Capture or offsetting 25 million tonnes per year of CO2.
  • The $10 billion, which Chevron called triple its prior plans, includes $2 billion to lower the emissions intensity of its operations, it said.

The big picture: The company said it's focused on fuels that help lower emissions from sectors that are hard to electrify, like aviation and heavy industry.

Why it matters: Oil giants face increasing pressure from investors and activists to do far more on climate change.

  • Advocates want far tougher steps that move the companies away from their dominant carbon-emitting oil-and-gas businesses, and the new pledges are unlikely to significantly ease that criticism or pressure.

Catch up fast: Chevron in March announced new targets for cutting emissions intensity — that is, per unit of output — and has been striking new deals and partnerships on alternative fuels and climate.

  • But the company and its peer Exxon have so far eschewed the long-term "net zero" pledges popular among European majors.

What they're saying: Andrew Logan, of the sustainable investment advocacy group Ceres, said in an email, "[A]t a quick glance this looks like a step forward, but a relatively modest step when what is needed is a giant leap."

Go deeper

Ben Geman, author of Generate
12 hours ago - Energy & Environment

More warning signs ahead of COP26

Expand chart
Data: OECD; Chart: Jared Whalen/Axios

Two new reports show the gap between multilateral climate goals and what's actually happening.

Driving the news: OECD data shows developed economies are falling short of a 2009 pledge to mobilize $100 billion annually by 2020 to help developing nations cut emissions and adapt to warming.

First look: Real estate firms invest $140 million in climate tech

Illustration: Annelise Capossela/Axios

Large real estate companies are putting $140 million into a climate tech fund that aims to help decarbonize the sector, according to an announcement Monday morning from the venture firm Fifth Wall.

Why it matters: The funding round, which includes some of the largest players in the industry, signals growing momentum toward backing new technologies needed to slash carbon emissions to net-zero by midcentury and achieve negative emissions thereafter.

Pelosi's back-to-school math problem

Illustration: Sarah Grillo/Axios

House Speaker Nancy Pelosi (D-Calif.) may need votes from an unlikely source — the Republican Party — if she hopes to pass the bipartisan infrastructure bill by next Monday, as she's promised Democratic centrists.

Why it matters: With at least 20 progressives threatening to vote against the $1.2 trillion bipartisan bill, centrist members are banking on more than 10 Republicans to approve the bill.