Oil and gas majors invest $1 billion in low-emission tech

The $1 billion fund for low-carbon-technologies will focus on reducing methane emissions, carbon capture and improving industria
The $1 billion fund for low-carbon-technologies will focus on reducing methane emissions, carbon capture and improving industrial and transport efficiency

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.

"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 significantly".

The fund will focus on reducing , carbon capture and improving industrial and transport efficiency.


Explore further

Ten big energy firms vow to fight climate change

© 2016 AFP

Citation: Oil and gas majors invest $1 billion in low-emission tech (2016, November 4) retrieved 5 December 2020 from https://phys.org/news/2016-11-oil-gas-majors-invest-billion.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
8 shares

Feedback to editors

User comments