The fund has been established to invest in "breakthrough technologies that enable the ongoing energy transition to a greater diversity of sources" the company said, and will help it lower emissions via research and the application of new technologies.
"The new fund supports CTV's continued role as champion of innovation and integration of emerging technologies into Chevron," CTV president Barbara Burger said.
Burger said the new Future Energy Fund "will inform our continuously evolving perspective on the energy landscape through investment in research and innovation. To prepare for the future, the work starts now".
There are no specifics on what, where or with whom the supermajor will invest, but the ambit is on disruptive and low emission technologies, specifically from oil and gas production.
A recent report found that methane leaks from the company's monster Gorgon LNG project on the North West Shelf cancelled a year of carbon reductions made by solar power installations, and another report in Science magazine concluded that methane leaks from onshore US shale gas operations are 60% higher than forecast by the environmental regulator.
Any technology oilers can invest in to lower their impact will not simply be met favourably by activists and governments but also shareholders increasingly worried about the climate risk exposure petroleum companies have.
Climate questions regularly pop up at oilers annual general meetings, from Shell's last month to Woodside Petroleum's in Perth in April.
BP recently announced its own venture capital arm had invested $20 million in an Israeli start up that develops superfast battery charging in a bid to help it move ‘beyond petroleum'.