Oil giants Chevron (NYSE: CVX), BP (NYSE: BP), and Shell (NYSE: SHEL) can see the writing on the proverbial wall. The global economy is shifting fuel sources from carbon dioxide-spewing fossil fuels to lower-carbon alternatives. Oil producers know they can't beat back this change, so they're joining in by investing in lower-carbon fuel sources.

One fuel that big oil companies are betting big money on this year is renewable natural gas (RNG). Shell and BP have made multibillion-dollar acquisitions in the space, while Chevron has made less splashy investments. Here's a look at the sector's recent moves and why big oil companies are betting big on this renewable fuel.

Earlier this week, Shell agreed to buy Nature Energy for nearly $2 billion. That deal will give it control over the largest RNG producer in Europe. Nature Energy has 14 operating plants that currently produce 6.5 millionLol MMBtu of RNG per year (about 3,000 barrels of oil equivalent per day (BOE/D)). That company has a pipeline of about 30 new plants under development, which could add up to 9.2 million MMBtu (4,400 BOE/D) to its annual RNG output by 2030. 

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Source Fool.com