oil majors join forces in climate push with renewable energy fund
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Oil majors join forces in climate push with renewable energy fund

Arab Today, arab today

Arab Today, arab today Oil majors join forces in climate push with renewable energy fund

Total CEO Patrick Pouyanne
London - Arab Today

Top oil companies including Saudi Aramco and Shell are joining forces to create an investment fund to develop technologies to promote renewable energy, as they seek an active role in the fight against global warming, sources said.
The CEOs of seven oil and gas companies — BP , Eni, Repsol, Saudi Aramco, Royal Dutch Shell, Statoil and Total — will announce details of the fund and other steps to reduce greenhouse gases in London.
The sector faces mounting pressure to take an active role in the fight against global warming, and Friday’s event will coincide with the formal entry into force of the 2015 Paris Agreement to phase out man-made greenhouse gases in the second half of the century.
The group is part of the Oil and Gas Climate Initiative (OGCI), which was created with the backing of the United Nations in 2014 and includes 11 companies representing 20 percent of global oil and gas production.
The company leaders are expected to detail plans to create an investment vehicle that will focus on developing technologies to lower emissions and increase car engine and fuel efficiency, according to the sources involved in the talks who declined to be named.
The size and structure of the fund were unclear.
The fund will also focus on ways to reduce costs of carbon capture and storage (CCS) technology, which involves capturing carbon dioxide emissions produced from fossil fuel burning plants and re-injecting them into underground caverns.
OGCI, Shell, Total and BP declined to comment.
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.
OGCI leaders called on governments last year to set a price on carbon emissions to encourage the use of cleaner technologies, although some companies including Exxon Mobil have resisted the idea.
They now hope to show they can play an active role.
The drive to limit global warming to 1.5 degrees Celsius by the end of the century poses a threat to oil and gas companies as transport and power sectors gradually shift toward renewable sources of energy such as solar and wind.
Oil majors including Norway’s Statoil, France’s Total and Italy’s Eni, have increased their investments in renewable energy in recent years, although it is still dwarfed by the main fossil fuel business.
Oil producers have also lobbied for the phasing out of coal in favor of the less pollutant natural gas in the power sector.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil majors join forces in climate push with renewable energy fund oil majors join forces in climate push with renewable energy fund

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

oil majors join forces in climate push with renewable energy fund oil majors join forces in climate push with renewable energy fund

 



GMT 05:50 2017 Tuesday ,15 August

20 killed in Takhar funeral attack

GMT 04:51 2017 Thursday ,13 April

Huda Kattan among top 10 beauty influencers

GMT 09:44 2018 Saturday ,06 January

Aoun to deliver speech in Rome this afternoon

GMT 09:14 2017 Saturday ,30 December

London stocks end year on record high

GMT 11:47 2017 Monday ,11 December

France's rightwing shifts after Macron victory

GMT 04:49 2013 Monday ,27 May

Feng Shui living room concepts

GMT 19:45 2017 Wednesday ,18 January

The UAE Releases Global State of the Future Report

GMT 23:40 2017 Wednesday ,18 October

OIC condemns terrorist attack in Jeddah

GMT 16:41 2017 Saturday ,18 February

FBMA International Show Jumping Cup 2017 competition

GMT 17:43 2017 Tuesday ,14 February

Spanish activists taken to court over BDS activism
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday