I know the major oil companies are making a effort to participate in renewable energy sources. Just check out all of the BP commercials, you would hardly know they were an oil company if it wasn’t in their name! But I was surprised to find out that Chevron claims to be the world’s largest supplier of geothermal energy.
Chevron provides geothermal power from plants in Indonesia, where electricity is produced for 2 million people. In the Philippines the geothermal plants owned by Chevron there provide 15% of the electrical power for the island of Luzon, which has a population of 30 million.
From their website, Chevron is also investing in biofuels, hydrogen fuel production, and solar. Over the last three years the company has invested $2.5 billion in renewable fuel capabilities.
For a company like Chevron, petroleum is going to be the bulk of their business for many years. It is a good sign that this kind of company realizes that renewable energy is important and they are making an effort to invest there. Another trend to watch in the future is whether the large oil companies invest more in renewable energy, either competing with current pure play renewable companies or buying them up.
Chevron stock trades on the NYSE, symbol CVX.
One Comment
not. suprising.
massive state-subsidized corporations will continue to be the biggest backers/owners/controllers of alternative fuels. they have money, power, expertise, alternative energy regulations to comply with (RECs), and they want to continue to own the energy sector.
what _would_ be surprising is if they forfeited the alternative energy future to anyone else…like Google.