Published on: September 20, 2018

STAFF, BLOOMBERG

Exxon, Chevron Climate U-Turn Includes $300 Million for Research

Three of the biggest U.S. oil companies pledged $300 million toward research into lowering climate-change pollution as they joined an industry group led by European rivals.

Exxon Mobil Corp., Chevron Corp. and Occidental Petroleum Corp. will join the Oil & Gas Climate Initiative and expand an existing $1 billion fund for carbon-reduction ventures, the group said on Sept. 20.

The move brings Big Oil’s biggest names into a united front as climate activists and investors ratchet up the pressure on fossil-fuel providers.

The OGCI was founded in 2014 by the heads of BP Plc, Royal Dutch Shell Plc, Saudi Aramco and seven others based in Europe and Asia, but major U.S. producers had refused to join.

This move puts them at odds with President Trump, who is trying to relax rules governing greenhouse-gas emissions and last year vowed to pull the country out of the landmark Paris climate agreement.

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