THE Oil Gas Climate Initiative (OGCI) plans to invest $1 billion of its members' own funds in key technologies and projects for the energy transition and is considering allowing third parties to invest with OGCI Climate Investments (OGCI CI). Formed by eight oil companies in 2014 - a year before the Paris Agreement - the OGCI today comprises a coalition of 12 industry heavyweights looking at decarbonisation. The members are Saudi Aramco, China National Petroleum Corporation, Petrobras, BP, Total-Energies, Shell, Equinor, Eni, Repsol, ExxonMobil, Occidental and Chevon. With its refreshed strategy and action plan agreed late last year, OGCI chairman Bob Dudley reveals that OGCI is now also turning its attention to the possibility of developing new funds, in addition to its current $1 billion fund managed by OGCI CI.
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