(NYSE: CVX) rakes in billions of dollars each year producing fossil fuels. It's investing a massive amount of money to remain a global oil and gas market leader. That's because the oil giant believes carbon-based energy will remain vital in fueling the global economy in the decades ahead.

However, Chevron has also made it no secret that it believes lower-carbon energy is the future. That's driving increased investments in building a lower-carbon growth engine. Given the potentially massive size of the lower-carbon energy market in the decades ahead, these investments could pay big dividends for shareholders.

Chevron is investing $10 billion through 2028 on lower-carbon projects. On the one hand, that's a drop in the bucket compared to its fossil fuel investments. For example, Chevron expects to invest about $14 billion this year in maintaining and expanding its fossil fuels businesses. On top of that, the oil giant has agreed to spend $60 billion to buy fellow oil producer Hess to further enhance its ability to grow its oil production.

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Source Fool.com