Ten of the world’s biggest oil companies plan to invest an average of USD $100 million annually over the next 10 years in low-carbon technologies. The Oil and Gas Climate Initiative, which includes Saudi Arabian Oil Co., Royal Dutch Shell PLC and BP PLC, both of which have numerous locations throughout the US, said its investments will initially focus on carbon capture and storage technology and efforts to reduce methane emissions from the oil-and-gas industry.
The Oil and Gas Climate Initiative was created in 2014, with United Nations backing, to find ways the industry can support efforts to tackle climate change while continuing to produce its reserves. Its members include giant state companies and Europe’s biggest oil producers. The consortium said the joint fund is just the beginning of its efforts and comes on top of investments each company is making individually in alternative energy and lower-emission technology.