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

Ten 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.