April 16 (Reuters) - Chevron's ( CVX ) venture capital

arm launched on Tuesday its third fund to invest in renewable

energy technologies with a $500 million commitment, as oil

majors look to diversify their business in the face of pressure

to reduce their emissions.

Like the previous two funds, the Future Energy Fund III will

focus on innovations in industrial decarbonization, emerging

mobility, energy decentralization and the growing circular

carbon economy, Chevron Technology Ventures said.

It added that the new fund also aims to expand investment in

the areas of novel low carbon fuels, advanced materials and

transforming carbon to higher value products.

Chevron Technology Ventures launched the first Future Energy

Fund in 2018 followed up by a second in 2021 for a total $400

million commitment and it has invested in more than 30

companies.

The world's biggest oil and gas companies have set varying

targets to reduce greenhouse gas emissions from their operations

and the combustion of the products they sell.