Chevron Pumps $20MM Into Adopt-a-Port Initiative
Chevron Corporation (NYSE: CVX) has announced that its wholly owned subsidiary Chevron U.S.A. Inc is investing an additional $20 million in the Adopt-a-Port initiative with California renewable natural gas (RNG) provider Clean Energy Fuels Corp (NASDAQ: CLNE).
Chevron has now invested a total of $28 million in the initiative, which it says provides truck operators serving the ports of Los Angeles and Long Beach with cleaner, carbon negative RNG to reduce emissions. Chevron’s funding will allow truck operators to subsidize the cost of buying new or converting to RNG powered trucks, the company outlined. Clean Energy is managing the program.
“Extending our agreement with Clean Energy demonstrates the strength of our partnership in providing low carbon fuels to our customers,” Andy Walz, Chevron’s president of Americas Fuels & Lubricants, said in a company statement.
“Along with other recent investments like Brightmark, CalBio, selling branded renewable diesel in San Diego County, and piloting hydrogen fueling stations and EV charging stations, Adopt-a-Port shows Chevron’s commitment to increasing renewables in support of our business in order to provide affordable, reliable and ever-cleaner energy to the market,” Walz went on to state.
Greg Roche, Clean Energy’s vice president of sustainability, said, “Chevron’s increased commitment to this project will allow us to extend favorable funding to smaller, independent operators, which means cleaner, RNG-fueled trucks operating in the ports”.
“The resulting positive environmental impact will help to reduce local air pollution while also eliminating climate pollutants,” he added.
Weston LaBar, the chief executive officer of the Harbor Trucking Association, said the organization applauds the Adopt-A-Port partnership between Chevron and Clean Energy.
“This program supports our mission of helping members improve their environmental sustainability at the Ports of Long Beach and LA while doing so with economics that make sense for their businesses,” LaBar added.
Chevron, which is one of the world’s leading integrated energy companies, notes on its website that, to advance a lower-carbon future, it is focused on cost efficiently lowering its carbon intensity, increasing renewables and offsets in support of its business, and investing in low-carbon technologies.
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