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.

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now

Need to access the insight?

Start your 7-day free trial now


Do you need to access special insights on this matter?

Start your 7-day free trial  and become a member today


Subscribe to Top Insights Today

Subscribe to Executive Newsletter Top Insights Today

The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights

Join the ranks of global executives and subscribe to Top Insights Today

Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Canada, Rio Tinto Strike Critical Mineral Partnership

Anglo-Australian mining giant Rio Tinto and the federal government of Canada agreed to jointly invest a total of $737 million to modernize a Quebec metals processing plant, which is expected to see the miner dramatically cut its emissions and make it one of the first North American titanium producers. Rio Tinto said in a statement that it would invest up to $515 million in the Sorel-Tracy, Quebec facility over the next eight years. The government is planning to kick in as much as $222 million for the project over the same period.

Special Report-China in Talks with Qatar to Invest in the World’s Largest LNG Project

China’s state owned oil companies are in advanced talks with Qatar to invest in the North Field East expansion of the world’s largest LNG project with a view to buy gas under long-term contracts. 

Germany Agrees to Shut Down Nord Stream 2 If Russia Invades Ukraine, White House Says

U.S. officials told Congress members that they have an understanding with Germany to shut down the Nord Stream 2 pipeline if Russia invades Ukraine. The White House said Germany was committed to take action against the Nord Stream 2 in the event of a Russian aggression against Ukraine. 

Stay informed

error: This content is protected !!