• 5 minutes Trump vs. MbS
  • 9 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Can the World Survive without Saudi Oil?
  • 29 mins WTI @ $75.75, headed for $64 - 67
  • 28 mins Who's Ready For The Next Contest?
  • 9 hours These are the world’s most competitive economies: US No. 1
  • 8 hours The end of "King Coal" in the Wales
  • 8 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 18 hours The Dirt on Clean Electric Cars
  • 6 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 4 hours EU to Splash Billions on Battery Factories
  • 8 hours Coal remains a major source of power in Europe.
  • 15 hours Poland signs 20-year deal on U.S. LNG supplies
  • 12 mins 10 Incredible Facts about U.S. LNG
  • 4 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
The Oil Keeps Flowing: Iran Evades U.S. Sanctions

The Oil Keeps Flowing: Iran Evades U.S. Sanctions

While President Trump’s stated aim…

Big Oil Sinks $1 Billion Into Climate Fund

Oil

The Oil and Gas Climate Initiative (OGCI)—the voluntary alliance of some of the biggest oil companies in the world—said on Friday that it had made its first three investments in supporting the low-carbon industry and more efficient engine technology, in its first specific action aimed at supporting the growth of low-carbon technologies.

In November last year, OGCI—which includes BP, Shell, Saudi Aramco, Total, Eni, Statoil, Repsol, CNPC, Pemex, and Reliance Industries—said it would allocate US$1 billion for fighting climate change over the next ten years. The investment vehicle, Climate Investments, pledged to focus on investing in carbon capture, utilization, and storage (CCUS); reducing methane emissions; reducing transport emissions; and improving energy efficiency in industry.

Today, the fund announced its first three investments, without giving details on how much money it is putting in the ventures.

One is in U.S. cement and concrete maker Solidia Technologies, whose patented technology allows for the production of cement in a way that generates fewer emissions. According to OGCI, Solidia’s technology has the potential to reduce emissions in concrete production by up to 70 percent and cut water consumption by up to 80 percent.

The second investment was made in Achates Power--a company that develops more efficient vehicle engines. The high-efficiency opposed-piston engines that Achates Power is developing have the potential to materially cut greenhouse gas emissions produced by vehicles. OGCI is backing the company with investment to help it speed up the technology deployment worldwide.

Related: Canada’s Oil Output To Grow For Decades To Come

The third project that OGCI is backing is one to design a full-scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability. In this project, OGCI will support the team in developing a commercially viable concept and basic engineering design that could be attractive to private investors and receive government support.   

In a joint statement, the ten CEOs of Big Oil who lead OGCI said: “Our aim is to work towards near zero methane emissions from the gas value chain. We are also committed to ensure natural gas continues to deliver a clear climate and clean air benefit compared to coal.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


x

Join the discussion | Back to homepage

Leave a comment
  • Lee James on October 30 2017 said:
    Reducing industry methane emissions is something the industry should be doing anyway ... as part of the cost of doing business.

    As for the other initiatives, I wish the OGCI luck.

    And I ask, when will U.S. petroleum companies step up to the world corporate responsibility plate?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News