Chevron would rather pay dividends than invest in wind and solar – CEO

HOUSTON, Sept. 15 (Reuters) – Chevron Corp CEO Mike Wirth said on Wednesday the company would rather return money to its shareholders than use it to invest in solar and wind power projects.

Both renewable energy sources generate poor financial returns for shareholders, Wirth said in an interview on CNBC. Investors could instead use Chevron’s dividend payments to invest directly in renewable projects, he added.

“We prefer to give it back to shareholders and let them plant trees,” said the head of Chevron.

Reporting by Sabrina Valle and Liz Hampton; Editing by Chris Reese and Peter Cooney

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