Oil and Gas Climate Initiative members pump record $30bn into low carbon tech in 2023

Stuart Stone
clock • 4 min read
Credit: iStock
Image:

Credit: iStock

Twelve firms producing almost a third of global oil and gas have invested close to $100bn in low-carbon tech since 2017 - but critics argue the industry's decarbonisation efforts remain underpowered

The Oil and Gas Climate Initiative's (OGCI) member companies invested a record $29.7bn in low carbon technologies during 2023, taking total funding to date to almost $100bn, the group's annual progress...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Climate change

The business case for prevention: Why cities must invest in climate-health resilience now

The business case for prevention: Why cities must invest in climate-health resilience now

Investing in more climate resilient cities delivers major health, productivity and economic returns, writes Professor Jeannette Ickovics from the Yale School of Public Health

Jeannette Ickovics, Yale School of Public Health
clock 12 November 2025 • 4 min read
COP30: Agenda agreed as early battle lines drawn

COP30: Agenda agreed as early battle lines drawn

Belém Summit gets off to relatively smooth start, but negotiating blocs have been quick to underscore key dividing lines

James Murray
clock 11 November 2025 • 6 min read
Study: Broader adoption of B Corp standards could reduce global warming by 0.5C

Study: Broader adoption of B Corp standards could reduce global warming by 0.5C

Rolling out proven sustainable business practices across the global economy could prevent 600,000 deaths from extreme heat, B Lab research estimates

Stuart Stone
clock 11 November 2025 • 5 min read