Top energy companies prepare to launch new $1 bln clean tech fund -sources

A group of the world’s largest oil and gas companies is preparing to launch a new fund worth more than $1 billion to invest in new technology-focused on reducing greenhouse gas emissions from energy use, sources said on Thursday.

The Oil and Gas Climate Initiative, which brings together 12 of the largest oil and gas companies including ExxonMobil, BP, and Saudi Aramco, began in 2016 with an initial $1 billion fund that invested in several start-ups, including technology to reduce emissions Methane, a powerful greenhouse gas leaking from oil and gas infrastructure.

The sources said that the group, which represents about 30% of oil and gas production in the world, is preparing to launch a second fund, which is expected to be larger than the first.

The sources are expected to announce this in the coming weeks. She said funding is also expected to come from the initiative’s member companies as well as other independent investors.