Major Oil Firms Commit $1 Billion for Climate-Friendly Gas Technologies
Leading oil companies, including Saudi Aramco and Shell, are investing $1 billion to develop technologies that reduce carbon emissions, addressing climate change. This investment aims to enhance carbon capture and reduce methane emissions, positioning natural gas as a cleaner alternative.
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The Oil and Gas Climate Initiative (OGCI), comprising firms like BP, Total, and Eni, has launched a Climate Investments fund with a $1 billion commitment to develop climate-friendly technologies. The focus includes accelerating carbon capture, utilization, and storage (CCUS) in gas-fired plants and minimizing methane leakages.
The member companies account for approximately 20% of global oil and gas production and are expected to collectively spend nearly $100 billion in 2016. With the oil and gas sector responsible for 5% of man-made greenhouse emissions, there is increasing pressure from stakeholders for meaningful climate action. Critics emphasize that aligning investment portfolios with climate goals could enhance company valuations.
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