The San Ramon, Calif., oil giant is pledging to spend $10 billion through 2028 on biofuels, hydrogen production, carbon capture and other technologies, up from a prior commitment of around $3 billion.

Mr. Wirth said in an interview that the spending boost reflects optimism in Chevron’s new energies unit, announced in July to oversee the company’s low-carbon investments. Chevron now expects the unit to generate more than $1 billion in operating cash flow by 2030, he said.

Chevron to Triple Low-Carbon Investment – WSJ