Ten oil and gas majors have committed to invest $1bn over the next decade to boost innovative low emissions technologies.
The companies, which together form the Oil and Gas Climate Initiative (OGCI), said the funds will develop and accelerate the commercial deployment of technologies that have the potential to significantly reduce emissions.
They are BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Shell, Saudi Aramco, Statoil and Total.
The initial focus will be on deploying carbon capture, use and storage, reducing methane emissions from oil & gas operations and improving energy efficiency in both transport and industry.
OGCI was established in 2014 with the aim of leading the industry response to climate change. Its members represent one fifth of the world’s oil and gas production.
A chief executive and management team for the new investment fund will be announced in the near future, according to the group.
Image: OGCI
