Ten global oil and gas companies on Friday announced they will invest $1 billion (900 million euros) in low-carbon-emission technologies to help combat climate change.
BG Group, BP, Eni, Pemex, Repsol, Saudi Aramco, Reliance Industries, Royal Dutch Shell, Statoil and Total — who account for almost a fifth of the world’s oil production — will fund the project through the Oil and Gas Climate Initiative (OGCI), they said in a statement, reports BSS.
“We are on the look-out for potentially game-changing technologies that could have a long-term impact on greenhouse gas reduction,” said the group.
“To help us meet our ambition, we are launching OGCI Climate Investments, a partnership that will enable us to invest $1 billion over the coming years to support start-ups and help develop and demonstrate innovative technologies that have the potential to reduce greenhouse gas emissions significantly”.
The fund will focus on reducing methane emissions, carbon capture and improving industrial and transport efficiency.