Royal Dutch Shell, weekend, lead other nine oil conglomerate in oil and gas to agree on a £1 billion investement in low-carbon-emission technologies to reduce climate change.
Others in the deal include BG Group, BP, Eni, Pemex, Repsol, Saudi Aramco, Reliance Industries, Statoil and Total.
The group of 10 currently accounts for almost a fifth of the world’s oil production — will fund the project through the Oil and Gas Climate Initiative.
In a statement, they said “We are on the look-out for potentially game-changing technologies that could have a long-term impact on greenhouse gas reduction”.
“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.
