Sian Crampsie
A group of seven oil majors has announced plans to establish a clean energy investment fund, according to reports.
The chief executives of the seven companies – BP, Eni, Repsol, Saudi Aramco, Shell, Statoil and Total – launched the fund in London on 4 November 2016, the date of the formal entry into force of the 2015 Paris climate agreement.
According to Reuters, the companies will in due course provide details of their plans to create an investment vehicle to fund clean technology development. Areas of focus will include improving engine efficiency as well as carbon capture and storage (CCS) development.
They will also announce plans to reduce emissions from the oil sector, including reducing flaring and limiting methane leaks, Reuters said.
The companies are part of the Oil and Gas Climate Initiative (OGCI), a group created in 2014.
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