October 23, 2023 [Altop Cash]- A group of the world’s biggest oil and gas majors claims to have collectively increased low carbon investments by more than two-thirds last year, as the industry faced ongoing criticism for raking in record profits and using the bulk of the proceeds to reward shareholders and expand fossil fuel production.

The Oil and Gas Climate Initiative (OGCI) – a CEO-led group representing companies that collectively account for 30 per cent of global oil and gas production – said its 12 members had together increased spending on low carbon technologies, including through acquisitions, research and development (R&D), and project development, to $24.3bn in 2022.

The sum marks a 66 per cent rise in low carbon investment compared to the previous year, with renewable energy such as wind and solar accounting for more than half of the total.

Other low carbon technologies supported by the OGCI include blue and green hydrogen projects.

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