New York: Chevron’s venture capital arm launched on its third fund to invest in renewable energy technologies with a US$500mil commitment, as oil majors look to diversify their business in the face of pressure to reduce their emissions.

       Like the previous two funds, the Future Energy Fund III will focus on innovations in industrial decarbonisation, emerging mobility, energy decentralisation and the growing circular-carbon economy, Chevron Technology Ventures said.

       It added the new fund also aims to expand investment in the areas of novel low-carbon fuels, advanced materials and transforming carbon to higher value products.

       Chevron Technology Ventures launched the first Future Energy Fund in 2018 followed up by a second in 2021 for a total US$400mil commitment and it has invested in more than 30 companies.

       The world’s biggest oil and gas companies have set varying targets to reduce greenhouse gas emissions from their operations and the combustion of the products they sell.

       According to Bloomberg, more than 30 firms – including Aurora Hydrogen Inc, Electric Era Technologies Inc, ChargePoint Holdings Inc and Carbon Clean Solutions Ltd – have received investments from the funds. — Reuters