A group of seven oil and gas companies, including Shell, will reveal plans for a renewable energy investment fund on Friday, a news report said, citing unidentified sources.
The expected announcement from BP, Eni, Repsol, Saudi Aramco, Shell, Statoil and Total will correspond with the 2015 Paris Agreement coming into effect, Reuters reported.
Details on the size and make-up of the fund were not provided.
But it is likely to be used to develop green technology.
It will focus on making carbon capture and storage cheaper, limiting flaring on gas fields and reduce the release of methane, the report said.
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