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.