NEWS

A group of 13 major oil companies charted out a plan on Monday to promote investments in carbon capture, use and storage (CCUS), ahead of a gathering in New York.

Oil chiefs grappling with growing demand for action to fight climate change have looked to invest in carbon-capture and sequestration techniques that some executives, including Occidental Petroleum Corp (OXY.N) CEO Vicki Hollub, say could make drilling carbon neutral.

With fossil fuel development growing worldwide, the oil and gas industry faces growing criticism from activists concerned about accelerating climate impacts from melting ice caps to sea-level rise and extreme weather. Scientists say the world needs to halve greenhouse gas emissions over the next decade to avoid catastrophic warming.

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