Exclusive: Oil Majors Join Forces in Climate Push with Renewable Energy Fund
by Ron Bousso (Reuters) 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 chief executives 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 on Friday.
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.
Oil producers have also lobbied for the phasing out of coal in favor of the less pollutant natural gas in the power sector. READ MORE