Top Oil Companies Prepare to Launch New $1 Billion Clean Tech Fund: Report

The Oil and Gas Climate Initiative group, which accounts for around 30% of the world’s oil and gas production, is preparing to launch a second fund which is expected to be larger than the first one, sources say.

Ron Bousso, Reuters

A group of the world’s top oil and gas companies are preparing to launch a new fund of over $1 billion to invest in new technologies focused on reducing greenhouse-gas (GHG) emissions from energy use, sources said on March 10.

The Oil and Gas Climate Initiative (OGCI), which includes 12 of the world’s largest oil and gas company including Exxon Mobil Corp., BP Plc and Saudi Aramco, started in 2016 with an initial fund of $1 billion that has invested in several start-ups, including technologies to reduce emissions of methane, a potent GHG that escapes oil and gas infrastructure.

The group, which accounts for around 30% of the world’s oil and gas production, is preparing to launch a second fund which is expected to be larger than the first one, the sources said.

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