Saudi Aramco pledged this week to invest $100mn to develop climate-friendly technologies in a meeting with the world’s largest energy companies in Paris, according to Saudi Gazette.
President and CEO of Saudi Aramco Amin H. Nasser, together with the chief executive officers of nine of the world’s largest oil and gas companies, met together to declare their collective support for an effective climate change agreement to be reached at the upcoming UN Conference on Climate Change (COP21), according to an Aramco statement.
The Oil and Gas Climate Initiative (OGCI), which also includes Total, Royal Dutch Shell, BP, Eni, Repsol, Statoil, CNPC, Pemex and Reliance Industries, launched the Climate Investments Fund which will invest in technologies to reduce carbon emissions but which will also help an increase gas use.
The companies pledged to use a large share of the $1bn for speeding up carbon capture, use and storage (CCUS) in gas-fired power plants and towards reducing leakages of methane, one of the most polluting greenhouse gases.
Speaking in Paris, Amin H. Nasser said, “As our track record shows, Saudi Aramco is committed to playing its part. We are therefore proud to be a founding member of the OGCI.”
The initiative also launched at the event a collaborative report titled “More Energy, Lower Emissions,” which highlights practical actions taken by member companies, including Saudi Aramco, to improve greenhouse gas (GHG) emissions management and work toward reducing the climate change impacts of the industry. These actions include significant investments in natural gas, carbon capture and storage, and renewable energy, as well as low-GHG research and development.
This approach will also help drive significant fuel savings in the utility sector. In addition, Aramco supports the Saudi Energy Efficiency Program that aims to improve the efficiency of energy use in residential and commercial settings, in addition to industry and transportation.
