Several of the world's largest oil companies are now on the brink of launching an investment fund for renewable energy. This Friday, executives from Statoil, Shell, BP, Eni, Total, Repsol, and Saudi Aramco will present the details for the fund which will work to develop technologies that can reduce the emissions of greenhouse gases and promote renewable energy, writes Reuters, citing anonymous sources.
The size of the fund is not disclosed. But the green push will be the first, large-scale initiative from members of the Oil and Gas Climate Initiative (OGCI), established in 2014 by 11 companies in the industry, and which apart from the 7 mentioned companies also counts Pemex, CMPC, Reliance, and BG, which has since become part of Shell.
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