Chevron sets new target of higher return, lower carbon

US oil major Chevron CEO Michael Wirth has pledged to raise its low-carbon spending to more than $3bn by 2028 while holding investment in oil and gas production flat amid growing shareholder pressure to make its business green and boost flagging returns. Wirth said during the annual investor meeting that it would power more of its operations with renewables, slash methane emissions from its shale operations and invest more than $1bn to capture and store carbon from its plants as part of an effort to clean up its oil and gas business. At the same time, it said it would hold capital expenditure on new oil and gas projects to about $14bn to $16bn a year through 2025.