Each of the 10 oil and gas companies will invest $100m in the fund, which is expected to last for 10 years and complement other investments made in reducing emissions.
Ten oil and gas companies plan to establish a $1bn fund next year to invest in research and startups focused on low carbon emissions technologies, through their Oil and Gas Climate Initiative (OGCI).
The OGCI Climate Investments fund will use new technologies owned by member companies and identify ways to cut the energy intensity of both transport and industry.
The 10 OGCI member companies – BP, China National Petroleum Corporation (CNPC), Eni, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi…
