News agency reports that chief executives from BP, Shell, Total, Statoil, Repsol, Eni and Saudi Aramco to announce investment fund for renewable energy development as oil industry steps up role in climate change fight.
Details of a global investment fund for renewable energy development driven by seven of the world’s leading oil executives are expected to be announced in London on Friday, according to a report by Reuters.
Chief executives from BP, Royal Dutch Shell, Total, Statoil, Repsol, Eni and Saudi Aramco will club together to create the investment fund, which will focus on developing technologies to promote renewable energy, a source told Reuters.
The Oil and Gas Climate Initiative (OGCI) is the leading fossil fuel-rooted group tasked with actively tackling climate change, and was set up in 2014 with the backing of the United Nations. Those seven oil companies all belong to the OGCI, which includes a total of 11 companies that represent around one-fifth of the world’s gas and oil production.