Chevron(NYSE:CVX) has agreed to acquire Renewable Energy Group, a company that produces renewable fuels such as biodiesel, in an all-cash deal valued at $3.15 billion.
Chevron is looking to cut its operational emissions to net-zero by the year 2050 and renewable fuels are expected to play a role in the transition. The company is targeting the production of 100,000 barrels of renewable fuels per day by 2030.
With crude oil prices soaring to near seven-year highs, Chevron and other big oil companies are generating sizable cash flows, which should help them fund their renewables push in a big way.
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