Report: Oil companies to create renewable energy fund

Report: Oil companies to create renewable energy fund
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Seven international oil and gas companies are reportedly preparing to announce a joint fund to develop new renewable energy technologies. 

Reuters reported Wednesday that the seven companies — BP, Eni, Repsol, Saudi Aramco, Royal Dutch Shell, Statoil and Total — will reveal details about the fund and its greenhouse gas emissions strategies this week in London.

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According to the report, the group will look to invest in new low-emissions technologies and engine and fuel efficiency measures. 

The group will also announce new measures to reduce oil sector greenhouse gas emissions, especially in the oil fields and by reducing methane leaks.

The companies are part of the Oil and Gas Climate Initiative, a United Nations-supported venture between 11 oil and gas companies “designed to catalyze practical action to reduce greenhouse gas emissions,” according to its website. 

No American companies are part of either the new renewable energy group or the Oil and Gas Climate Initiative. But the CEO of Total, Patrick Pouyanne, said last month that the group’s leaders would “work collectively to develop technologies which will be needed to face climate change issues," according to Reuters.