Energy Procurement, GHG Emissions, Industrial, Industrial - November 4, 2016
Big oil firms launch $1B fund to reduce emissions
Ten of the world's largest oil and gas companies on Nov. 4 announced the creation of a joint fund aimed at reducing greenhouse gas emissions associated with oil and gas production.
The CEOs of BP Inc., Eni S.p.A., Repsol S.A., Saudi Aramco, Royal Dutch Shell plc, Statoil ASA and Total S.A. announced details of the fund, which is part of the Oil and Gas Climate Initiative, created in 2014 with the backing of the United Nations and including 11 companies representing 20% of global oil and gas production. The announcement coincided with the 2015 Paris Agreement's entry into force.
In a joint statement, the heads of the 10 oil and gas companies that comprise the OGCI said:
The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.
Reuters reported on Nov. 2 that the companies were expected to announce a similar fund supporting clean energy advancements, though renewables were not mentioned in the Nov. 4 announcement.