ExxonMobil, the US oil giant that makes lubricants for Mobil stockists, has officially joined the Oil and Gas Climate Initiative, an organisation set up in 2014 to reduce greenhouse gas emissions from the oil and gas industry.
Together with Chevron and Occidental Petroleum, these three oil giants are the first US energy companies to join the coalition.
The Oil and Gas Climate Initiative previously had 10 members, including Saudi Aramco, the world’s largest oil company. Also present are CNPC of China and Pemex of Mexico. Total, BP, and Royal Dutch Shell, all European oil companies, also belong to the coalition. With the addition of the three new US members, the coalition is now responsible for almost a third of the world’s oil and gas production.
Darren Woods, ExxonMobil’s CEO and Chairman, expressed in a statement:
“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change.”
The initiative controls a $1bn fund, contributed by its members, which it then invests in developing new ways to potentially reduce emissions that contribute to global warming, such as new technologies and innovative business models. On joining the initiative, members commit to look for ways to reduce emissions from methane leaks and transport. They are also expected to identify ways they can become more energy efficient and research new technologies for carbon capture and storage.
The three US oil companies became official members on Monday, September 24.