Press

American Oil Giants to Join the Oil and Gas Climate Initiative


American multinational energy giants Chevron, Exxon Mobil, and Occidental Petroleum plan to reportedly join a collaboration that deals with reducing greenhouse gas emissions occurring due to the oil & gas industry.

According to sources familiar with the development, this deal marks a reversal by the US-based energy giants, that were not able to become a part of the Oil & Gas Climate Initiative when it was launched in 2014. The climate initiative presently has ten members, comprising European oil giants along with state oil corporations like China's CNPC, Saudi Aramco, and Mexico's Pemex.

Reportedly, an inclusion of three oil companies in the initiative would mean that its members make up 30 percent of the oil and gas output produced globally.

Darren Woods, Exxon Chief Executive Officer and Chairman was quoted stating that collective efforts from industry participants and society will help in developing scalable, affordable solutions to manage the risks of climate change.

As cited by industry experts, associates of the initiative pledge to undertake necessary steps to cut down transport and methane emissions, enhance their energy efficiency, and advance technology to seize and store CO2 emissions. Members also support $1 billion fund which finances latest technologies & business models demonstrating a potential to reduce global warming emissions, claim sources.

Exxon has especially been targeted in recent years because of several investigations that exposed the firm's scientists, who incidentally, had been cautioned internally regarding the perils of climate change.

Reportedly, the alleged #ExxonKnew movement has led to a litigation by state attorneys general claiming that Exxon deceived stakeholders. As per Exxon, the #ExxonKnew revolution is a well-orchestrated campaign that is trying to delegitimize the oil maker and misinterpret its climate change research and position.

According to sources familiar with the development, states have also litigated oil giants over the cost of mitigating the influence of climate change, however, many suits were dismissed.

Source: http://cmferesearch.com/oil-giants-join-oil-gas-climate-initiative/10617/



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

cmferesearch.com/oil-giants-join-oil-gas-climate-i...

OilgasEnergyPower

More items from juikate


Shell Bags License To Trade Oil Products In China’s Wholesale Market

Royal Dutch Shell plc (Shell), a renowned European multinational oil & gas company, has reportedly been awarded a trading license by the Chinese government that allows it to independently trade its oil products in China's wholesale market. Reports cite, the license signifies the Chinese government ...

Jui Kate


Posted 10 months agoPress > OilgasBusiness +2

Iran Still Likely To Invest In Refinery Expansion, Says Indian Oil

India's largest oil and gas company Indian Oil Corporation Limited recently said that Iran could still invest in one of its subsidiaries for a refinery expansion project. Sanjiv Singh, chairman of Indian Oil stated that Iran has not ruled out its participation in the development at the Chennai Petr ...

Jui Kate


Posted 10 months agoPress > OilgasOil Refining +2

ContourGlobal sells 49% stake of its Spanish CSP assets for EUR 134M

ContourGlobal is reportedly selling 49 percent stake of company's 250 MW Concentrated Solar Power (CSP) plants in South-West Spain, which they bought from Acciona SA in early 2018. As per the agreement, ContourGlobal will sell 49 percent stake in the Concentrated Solar Power (CSP) Portfolio to Cred ...

Jui Kate


Posted 11 months agoPress > EnergySolar energyPower +1

Allete, Xcel Energy ink new 5-year contract for existing wind farms

Allete Clean Energy, a Minnesota-based independent power producer and supplier, has recently approved a new 5-year power sale agreement between its Viking wind farms in southern Minnesota and Xcel Energy, Inc., whose original 15-year PPAs will expire in December 2018. As per an official press rele ...

Jui Kate


Posted 11 months agoPress > EnergyPowerWind Energy +1

Australian businesses unite to urge government to abort energy policy

Some of the biggest energy & business groups in Australia have reportedly come together in an effort to urge the Australian government to forgo its Big Stick approach in the matter of energy legislation. Apparently, the businesses are warning the government that the divestiture powers it craves wo ...

Jui Kate


Posted 11 months agoPress > EnergyIndustryPower +1
All posts from juikate