Saudi Aramco pledged on Friday to invest $100 million to develop climate-friendly technologies as a global deal to wean the world off oil came into force. President and CEO of Saudi Aramco Amin H. Nasser, together with the chief executive officers of nine of the world's largest oil and gas companies, met together in Paris to declare their collective support for an effective climate change agreement to be reached at the upcoming UN Conference on Climate Change (COP21), according to an Aramco statement. The Oil and Gas Climate Initiative (OGCI), which also includes Total, Royal Dutch Shell, BP, Eni, Repsol, Statoil, CNPC, Pemex and Reliance Industries, launched the Climate Investments Fund which will invest in technologies to reduce carbon emissions but which will also help an increase gas use. The companies pledged to use a large share of the $1 billion for speeding up carbon capture, use and storage (CCUS) in gas-fired power plants and towards reducing leakages of methane, one of the most polluting greenhouse gases. Speaking in Paris, Amin H. Nasser said: "As our track record shows, Saudi Aramco is committed to playing its part. Energy efficiency has been and will continue to be a top priority in everything we do to both benefit the Kingdom and to maintain our position as the world's largest, most reliable oil and gas producer. We believe that partnerships and collaboration are essential to address global challenges. "We are therefore proud to be a founding member of the OGCI, which helps to put the oil and gas industry at the forefront of solutions to climate change and help demonstrate that a technology-driven, industry-enabled approach is the only viable way forward." The OGCI also launched on Friday its collaborative report titled "More Energy, Lower Emissions." This report highlights practical actions taken by member companies, including Saudi Aramco, to improve greenhouse gas (GHG) emissions management and work toward reducing the climate change impacts of the industry. These actions include significant investments in natural gas, carbon capture and storage, and renewable energy, as well as low-GHG research and development. Saudi Aramco's environmental protection policy was established in 1963 and the company's comprehensive Energy Management Program is designed to both promote energy efficiency at the national level as well as continuously improve the efficiency of company facilities, by replacing older, lower efficiency power plants with new, higher technology and higher efficiency plants. This approach will also help drive significant fuel savings in the utility sector. In addition, the company supports the Saudi Energy Efficiency Program that aims to improve the efficiency of energy use in residential and commercial settings, in addition to industry and transportation.
