$1 Billion Fund to Curb Climate Change

A $1 billion fund created by top energy companies to curb climate change will back technologies being developed by US cement maker Solidia Technologies and engine maker Achates Power, Reuters reported on Friday.  The Oil and Gas Climate Initiative was set up last year and includes Saudi Aramco and Royal Dutch Shell .Solidia Technologies will receive funding for making cement with carbon dioxide instead of water, potentially lowering emissions by 70% and water use by 80%, the OGCI said. It will also help Achates Power, which develops vehicle engines that emit fewer greenhouse gas emissions, to roll out its technology worldwide. Specifics on the two investments were not announced. The OGCI also plans to help design a commercially viable gas power plant with carbon capture and storage that can qualify for government support and private investment.

Its participants also include BP, Total, Eni, Repsol, Statoil, CNPC, Pemex and Reliance Industries.

Together they have pledged to invest $1 billion over 10 years on technologies to curb climate change.