Chevron (NYSE: CVX) makes billions of dollars each year producing oil and gas. However, because those fossil fuels emit carbon dioxide when consumed, they're significant contributors to climate change. With the world working hard to reduce those emissions, fossil fuels could eventually become extinct.

That's a fate Chevron and its oil sector peers would like to avoid. The industry believes it can do that by using carbon capture and sequestration (CCS) technology to significantly reduce global carbon emissions. It represents a multi-trillion-dollar opportunity. Chevron wants in on that action, which recently led it to invest in Svante to accelerate the manufacturing of its carbon capture technology.

Chevron launched its low-carbon business, Chevron New Energies (CNE), in 2021. This business aims to reduce the carbon intensity of Chevron's operations and help its customers meet their lower carbon goals. The energy giant accelerated that business late last year, aiming to invest $10 billion in capital through 2028. Chevon plans to double its lower carbon investments in 2023 to $2 billion as part of that pledge. 

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Source Fool.com