Reuters is reporting that seven leading oil and gas companies will be joining forces to create a renewable energy investment fund for the development and promotion of renewable energy.
In news published Wednesday, Reuters reports that seven oil and gas companies — BP, Eni, Repsol, Saudi Aramco, Royal Dutch Shell, Statoil, and Total — are intending to announce a renewable energy investment fund on Friday. All details of the potential investment fund are locked behind closed doors, at the moment, with all information expected to be released on Friday. Nevertheless, this is yet another step taken by oil and gas majors in an effort to either make proactive steps towards a low-carbon economy, or to make themselves look like they are doing so — it all depends on your point of view.
The seven companies are already part of the Oil and Gas Climate Initiative, set up with the backing of the United Nations in 2014. Together, the Initiative is a CEO-led organization including 11 companies accounting for 20% of the global oil and gas production “designed to catalyze practical action to reduce greenhouse gas emissions.”
Reuters also claimed that at the same time the oil and gas CEOs announce their renewable energy investment fund, they will also announce the next phase of their plan to reduce the the oil sector’s emissions, which Reuters says will be done “primarily by reducing flaring of excess gas at fields, increasing the use of CCS, and limiting the release of methane.”