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10 oil companies announce climate investment fund; sustainable investment campaigners dismiss it as greenwashing

Author: Damian Carrington, Guardian (UK), Published on: 4 November 2016

"Oil firms announce $1bn green fund as Paris climate deal comes into force," 4 Nov 2016

A $1bn fund to invest in cutting the climate change impact of fossil fuels has been announced by 10 of the world’s biggest oil companies, on the day the global Paris climate change agreement comes into force…The new fund will focus on reducing leaks of natural gas…Climate change and sustainable investment campaigners dismissed the initiative as greenwash…The 10 companies that comprise the Oil and Gas Climate Initiative (OGCI) produce 20% of the world’s oil and gas…The OGCI sees…carbon capture and storage (CCS) technology as a way to prolong the continued use of fossil fuels. Scientists agree CCS is vital…But developing commercial scale CCS is likely to require many billions of dollars…Amin Nasser, chief executive of OGCI-member Saudi Aramco, said: “…OGCI climate investments [fund] clearly demonstrates our industry’s climate and environmental stewardship and our resolve to deliver secure, affordable and sustainable energy to the world...”…Juliet Philips, at…ShareAction, said: “Until initiatives…are backed up by long-term corporate strategies that are consistent with achieving the Paris treaty, scepticism of their sincerity is inevitable.”…

[Also refers to BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Shell, Statoil and Total.]

Read the full post here

Related companies: BP China National Petroleum Corporation (CNPC) Eni Equinor (formerly Statoil) Pemex Reliance Industries Repsol Saudi Aramco Shell Total