Report Oil CEOs to reveal climate tech fund

THE world’s leading oil companies are set to announce details of a cooperative fund to develop technologies to combat climate change, according to Reuters.

The newswire says it has been told by sources that the CEOs of seven oil and gas companies – BP, Eni, Repsol, Saudi Aramco, Shell, Statoil and Total – will reveal the details of the fund on Friday.

The group is part of the Oil and Gas Climate Initiative (OGCI), which pledged support for a global commitment to reduce emissions ahead of the UN’s Paris climate conference (COP21) in December. OGCI’s members, which produce 5% of the world’s oil, said they would collaborate to reduce emissions if world leaders set “clear stable policy frameworks”. It welcomed the COP21 commitment to limit global temperatures to well below 2°C, noting it offers the world a clear signal that will help “all actors” take actions and make investments towards a lower carbon future.

Reuters’ sources say the oil leaders are expected to outline plans for a fund to develop technologies to lower emissions, reduce the costs of CCS, and increase fuel efficiency. They are also expected to announce plans to reduce emissions directly from their own operations, including by limiting flaring of gas and increasing the use of CCS.

The size and structure of the fund were unclear, the newswire reported.

Key countries including China and the US have ratified the COP21 agreement. World leaders will meet later this month in Morocco to agree the next phase, including how to implement the targets.

The IChemE Energy Centre will present a side event at COP22 on 14 November to discuss financial tools for scaling up mitigation technologies.