Chevron New Energies (NYSE: CVX) – the organization focusing on low-carbon fuels, made a deal with Japanese energy giant JERA to collaborate on low-carbon opportunities in the US and Asia Pacific region.
The opportunities are varied and cover the development and commercialization of technologies like carbon capture, utilization and storage (CCUS), and hydrogen.
“Chevron and JERA have worked together to bring affordable and reliable energy to our customers in the form of LNG, and we are excited about the opportunity to further build upon this relationship as we identify opportunities to provide ever-cleaner energy”, said Jeff Gustavson, President of Chevron New Energies.
The joint study agreement says that Chevron and JERA will conduct a feasibility study expected to be completed in 2023, to explore the potential co-development of lower-carbon fuel in Australia.
Hydrogen is also part of the focus as the companies will study liquid organic hydrogen carriers (LOHC) in the USA and hydrogen across the whole value chain including production, export, and transportation.
Back in September 2021, JERA announced it invested $17.7 million in Hydrogenious LOHC Technologies – a German hydrogen technologies company, as part of its hydrogen development ambitions.
Chevron Technology Ventures also joined JERA last year and bet on Hydrogenious LOHC Technologies. According to the company’s announcement, the move aims to unlock the economic value of hydrogen through lower transportation, storage and distribution costs.
Oil and gas majors are advancing their commitments to cleaner energy, however, their ongoing enormous contribution to the climate crisis should not be ever overlooked. Therefore, the fossil fuel industry needs to be pushed much further to make even more aggressive climate actions now.