Fossil Fuel Giants to Launch $1 Billion Fund to Invest in Green Tech

The Oil and Gas Climate Initiative (OGCI), a group consisting 12 of the world’s top oil and gas companies, prepare to launch a fund of over $1 billion to invest in technologies reducing greenhouse gas emissions from energy use.

The group includes some of the world’s largest fossil fuel companies such as BP, ExxonMobil and Saudi Aramco. The initiative started in 2016 with a $1 billion fund and invested in several startups, including technologies to reduce methane emissions.

Fossil fuel giants in the group account for about 30% of the world’s total oil and gas production. They prepare to launch a new fund larger than the first one.

The group is expected to make an announcement on the matter in the coming weeks. The funding will likely come from members as well as other independent investors.

The OGCI Climate Investment’s first fund, into which each members paid $100 million, has invested in 25 companies.

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