LONDON, U.K. – Sources say that the world’s top oil companies are joining forces to seek an active role in the fight against global warming by creating an investment fund that will help develop technologies to promote renewable energy.
Reuters is reporting that the CEOs of BP, Eni, Repsol, Saudi Aramco, Royal Dutch Shell, Statoil, and Total will announce more details of the fund, as well as other steps they’ll be taking to reduce greenhouse gas emissions on Friday in London.
The oil and gas industry is facing increased pressure to take an active role in the fight against global warming, and Friday’s event will coincide with the 2015 Paris Agreement going into force.
The seven companies are part of the Oil and Gas Climate Initiative, which was created with the backing of the United Nations in 2014. The initiative is comprised of 11 companies, representing 20 percent of global oil and gas production.
According to sources that declined to be named, the announcement will see the company leaders unveil detailed plans for the fund that will focus on developing technologies to lower emissions and increase vehicle fuel efficiency.
The size and structure of the fund were unclear.
The fund will also focus on ways to reduce costs of carbon capture and storage technology, which involves capturing carbon dioxide emissions produced from burning fossil fuels, and then injecting them into underground caverns.
The CEOs are also expected to announce the next phase of their plan to reduce the oil sector’s emissions, primarily by reducing flaring of excess gas at fields, increasing the use of CCS and limiting the release of methane, a highly polluting gas often emitted through pipe leaks.