The Oil and Gas Climate Initiative (OGCI)—the voluntary alliance of some of the biggest oil companies in the world— said on Friday that it had made its first three investments in supporting the low-carbon industry and more efficient engine technology, in its first specific action aimed at supporting the growth of low-carbon technologies. In November last year, OGCI—which includes BP, Shell, Saudi Aramco, Total, Eni, Statoil, Repsol, CNPC, Pemex, and Reliance Industries—said it would allocate US$1 billion for fighting climate change over the next ten years. The investment vehicle, Climate Investments, pledged to focus on investing in carbon capture, utilization, and storage (CCUS); reducing methane emissions; reducing transport emissions; and improving energy efficiency in industry. Today, the fund announced its first three investments, without giving details on how much money it is putting in the ventures. One is in U.S. cement and concrete maker Solidia Technologies, whose patented technology […]