LONDON, UK, December 12, 2017 – OGCI Climate Investments has announced today that it has joined the Breakthrough Energy Coalition (BEC), further highlighting its commitment to developing low carbon technologies. The billion-dollar investment arm of OGCI, Climate Investments will be working alongside BEC and other coalition members to identify, develop and deploy clean energy innovations.
Co-founded in 2015 by Bill Gates, the Breakthrough Energy Coalition brought together governments, research institutions and nearly 30 leading private investors to create a new model for investing in energy innovation. In today’s announcement the coalition has been further expanded to connect new VCs, leading companies, institutional investors, and banks. By bringing together a diverse group of stakeholders, BEC is set to accelerate the commercialization of new energy technologies that are vital to mitigating the impact of climate change.
Pratima Rangarajan, CEO of OGCI Climate Investments, said: “OGCI Climate Investments’ goal is to deliver GHG reductions by investing in pre-commercial technologies and solutions that are both cost-effective and will scale globally. By collaborating with the Breakthrough Energy Coalition and its partners and by leveraging our strengths, we believe that we can accelerate the commercialization and deployment of new technologies. This coalition of public and private partners is a significant step in identifying, supporting and delivering the worldwide innovative energy solutions necessary to help solve climate change.”
The news builds on OGCI Climate Investments’ announcement earlier this year of its first three low-emission technology investment projects. These include Solidia Technologies, a US-based cement and concrete production company which allows for the production of cement in a way that generates fewer emissions; Achates Power, a company developing more efficient vehicle engines; and a project that aims to design a full-scale gas power plant with carbon capture and storage, including industrial CO2 sequestration capability.
Notes to editors
- The Oil and Gas Climate Initiative is a voluntary, CEO-led initiative which aims to lead the industry response to climate change.
- Launched in 2014, OGCI is currently made up of ten oil and gas companies that pool expert knowledge and collaborate on action to reduce greenhouse gas emissions.
- Its billion-dollar investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emissions technology.
To learn more about OGCI, please visit www.oilandgasclimateinitiative.com.
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