Energy giant Chevron (NYSE: CVX) is joining with oil services company Schlumberger (NYSE: SLB) and Microsoft (NASDAQ: MSFT) to work with green power company Clean Energy Systems for a new bioenergy project in California. The facility will be designed for carbon-negative energy production. The companies say it will "convert agricultural waste biomass, such as almond trees, into a renewable synthesis gas that will be mixed with oxygen in a combustor to generate electricity." More than 99% of carbon from the process will be captured and permanently sequestered by injecting carbon dioxide (CO2) underground into nearby deep geologic formations. Image source: Getty Images. Net-negative carbon emissions can be achieved by using biomass fuels to generate energy and then permanently storing carbon dioxide produced from the process. Because the biofuels consume carbon dioxide, the overall process removes greenhouse gas from the atmosphere. The proposed plant "is expected to remove about 300,000 tons of CO2 annually, which is equivalent to the emissions from electricity use of more than 65,000 U.S. homes," the companies said in a combined statement. Schlumberger's New Energy segment, working with Chevron and Clean Energy Systems, plans to use Microsoft's cloud technologies to be able to commercialize energy production while addressing climate change at the same time. If successful, it would utilize approximately 200,000 tons of agricultural waste annually. The companies are immediately beginning the design and engineering stage, and plan to make a final investment decision in 2022. 10 stocks we like better than ChevronWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now… and Chevron wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Howard Smith owns shares of Microsoft. The Motley Fool owns shares of and recommends Microsoft. The Motley Fool has a disclosure policy.Source