A new investment fund worth at least $100 million (£76.1m) aims to help reduce greenhouse gas emissions in China.
The China National Petroleum Corporation and Oil and Gas Climate Initiative (OGCI) Climate Investments are partnering to support the development, demonstration and rapid scale-up of low carbon technologies and business solutions.
In addition, OGCI Climate Investments also formally announced its 2018 investment portfolio, which includes investments in Clarke Valve, a designer and manufacturer of a valve able to virtually eliminate fugitive methane emissions, as well as in GHGSat, which provides accurate, low-cost greenhouse gas monitoring data and services using satellites.
Pratima Rangarajan, CEO of Climate Investments, said: “This agreement represents a significant opportunity for OGCI Climate Investments and China National Petroleum Corporation to develop climate solutions in and for China, with its rapidly advancing technological capabilities and highly-skilled workforce.
“We are delighted to be working alongside a trusted OGCI partner to lower the carbon footprint in a region with growing energy demand.”