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.
