Economics
Big Oil to Invest $1 Billion in Carbon-Capture Technology
- Initiative will focus on carbon capture, energy efficiency
- Investment from major companies to be spread over 10 years
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Some of the world’s biggest oil companies will invest $1 billion over the next 10 years to develop technologies to capture and store emissions of greenhouse gases and improve energy efficiency.
The investment, announced in a joint statement on Friday from 10 companies including Saudi Arabian Oil Co., Royal Dutch Shell Plc, Total SA, BP Plc, Eni SpA, Statoil ASA and Repsol SA, aims to deploy low-carbon technologies on a large scale. Those energy producers, which together plan more than $90 billion of capital expenditure this year, are part of the Oil and Gas Climate Initiative, which is seeking ways the industry can support a global deal to tackle climate change while continuing to produce their hydrocarbon reserves.