The Oil and Gas Climate Initiative (OGCI) has announced an investment of $1bn to develop and speed up the commercial deployment of innovative low emissions technologies.

OGCI, which is led by the heads of ten oil and gas companies, will make the investment over the next ten years.

OGCI member companies include BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total.

The successfully-developed new technologies will be deployed by OGCI Climate Investments (OGCI CI) among member companies and beyond.

Besides, it will find ways to cut the energy intensity of both transport and industry.

The heads of the 10 oil and gas companies said in a joint statement: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge.

“We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”

The new investment will complement the companies’ existing low emissions technology programs and will leverage the collective expertise and resources of the member companies.

OGCI has identified two initial focus areas such as accelerating the deployment of carbon capture, use and storage; and reducing methane emissions from the global oil and gas industry.

It said: “The OGCI believes that these are areas where the oil and gas industry has meaningful influence and where its collaborative work can have the greatest impact.”

In addition, OGCI CI will make investments to support improvement of energy and operational efficiencies in energy-intensive industries.