A group of 10 major oil and gas companies is investing in a carbon utilisation firm in the UK.
Pratima Rangarajan, CEO of the Oil and Gas Climate Initiative’s (OGCI) $1 billion (£0.7bn) Climate Investments fund made the announcement about the new investment in Econic Technologies at IP Week in London today.
The funding will be used to further develop the firm’s catalyst technology, which creates new value from CO2 waste for the plastics industry.
It is used for the manufacture of polyols, which is used in insulation, mattresses and shoe soles.
Ms Rangarajan told ELN the OGCI Climate Investments aim to reduce greenhouse gas emissions from the energy and industrial sectors by developing solutions that are scalable and commercially viable.
She believes carbon capture, utilisation and storage (CCUS) is key to driving down emissions and there is no model that achieves the 2°C target without the technology, however, “we’re assuming there’s a lot of CCUS plants in the world” to reach the goal.