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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

Visualizing the climate stakes of Build Back Better's downfall

Expand chart
Data: REPEAT Project; Chart: Kavya Beheraj/Axios

A report from the Princeton-led REPEAT Project examines the scope of Democratic energy legislation in the Build Back Better Act that's on the brink of collapse.

By the numbers: The analysis projects the impact of the more than $300 billion in expanded tax incentives for deploying low-emissions tech, and other climate-related provisions that push the total even higher.

It's official: Stock market having worst start to year ever

Data: FactSet; Chart: Axios Visuals

It's been a decidedly ugly start to the year for the stock market, with particular pain in the tech trade.

State of play: As of the end of trading Tuesday — the 16th session of the year — 2022 is now, officially, the worst-ever start in the history of the S&P 500, according to data from Ned Davis Research, a stock market research shop.

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.