The Oil & Gas Climate Initiative (OGCI) has unveiled a $1 billion investment in low-emission technologies.

The group – which brings together oil companies BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total – said the cash will be spent over the next ten years.

OGCI Climate Investments will deploy successful technologies across its members and beyond.

The initial focus will be on deploying carbon capture, use and storage on a wide scale; enhancing the role of gas by reducing methane emissions along the value chain; and improving energy efficiency in both transport and industry.

‘Step change’

The group said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge.

“We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”

The OGCI said it will also work closely with manufacturers to achieve its goals.

> Read BP's announcement