Ten of the biggest oil companies on the planet have set up a fund that will invest $1bn in technologies that are able to cut carbon emissions from both oil and natural gas, according to an announcement made by the Oil and Gas Climate Initiative (OGCI) recently.
The OGCI is a group made up of Royal Dutch Shell (which produces Shell Tonna S3 M 68) and nine other companies from the oil and gas industry. Together, they are responsible for around 20% of oil and gas produced globally. They made this latest announcement on the same day that the Paris Climate agreement, which aims to prevent a disastrous rise in worldwide temperatures, came into effect.
In their statement, which was released on Friday, November 4, the OGCI said that the $1bn would be used to develop new technologies that are able to capture and store the carbon emitted when natural gas is burned. They will also be looking to create technologies that can reduce methane emissions from the oil and gas industries overall. They want to do this “in order to maximize the climate benefits of natural gas.”
The group said:
“The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge.”
According to the statement, the OGCI also plans to “work closely” with automobile manufacturers in a bid to increase the efficiency of motor vehicles.