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Big Oil Plans to Invest in Carbon-Capture Technology

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Big oil is investing big time in technologies to capture and store greenhouse gas emissions.

As Bloomberg reports, some of the world’s biggest oil companies are investing $1 billion to develop methods to improve energy efficiency. The investment is a joint effort from 10 of the world’s largest oil and gas companies, including Saudi Arabian Oil Co. and Royal Dutch Shell Plc. The companies hope to deploy low-carbon technologies on a large scale.

Jeremy Leggett, chairman of the Carbon Tracker Initiative, said it’s encouraging that the 10 companies have seen the need to act. “But,” he added, the world needs “to mobilize trillions of dollars a year for clean energy. This is quite simply nowhere near good enough.”

The oil companies insist the $1 billion investment is just the beginning.