Oil and gas industry invests $1bn in low-carbon innovation

An international oil and gas company fund aims to boost low-carbon innovation and commercialisation over the next ten years, but its scale is modest by sector standards

Ten major oil and gas companies are looking to fund $1bn of low carbon, innovative investments over the next ten years. Photograph: Warawoot Nanta/123RFTen major oil and gas companies have launched a $1bn global fund to invest in innovative low-carbon technologies over the next ten years, but the jury is out on whether it is ambitious enough to drive climate action.

The move, announced on 4 November as the Paris Agreement on climate change came into force, aims to “develop and accelerate the commercial deployment of innovative low emissions technologies” from next year.

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