Saudi Aramco to invest $100 million in climate-friendly technologies

Saudi Aramco plans to invest $100 million to research and build climate-friendly technologies.

Saudi Aramco President and CEO Amin Nasser made the announcement at a meeting of the Oil and Gas Climate Initiative (OGCI), attended by nine chief executive officers from the world’s top oil and gas companies.

The announcement comes just before the COP21 UN Conference on Climate Change.

The OGCI’s in-depth report, titled “More Energy, Lower Emissions,” outlines actions taken by the group’s members in efforts of managing greenhouse gas emissions and dedicating funds to natural gas, low-GHG research and development, CCUS and renewable energy.

A $1 billion Climate Investments Find was started by the OGCI with the purpose of reducing carbon emissions by increasing carbon capture, reducing methane leakages, use and storage (CCUS) in gas-fired power plants and other actions that will reduce the carbon trail of the petrochemical industry.