The Organization of Petroleum Exporting Countries opened a fund for clean technology research and investment during its most recent meeting.
Oil producers investing in cleantech in order to boost or streamline their own production isn’t entirely new. We recently reported on a Chevron fund that has multiple investments, including one in solar energy.
However, the OPEC fund is focused almost solely on carbon sequestration. The method preferred by oil producers involves pumping carbon back into oil wells, which can also help force out more oil.
Some oil miners hope to eventually earn carbon credits from carbon sequestration, while OPEC probably also has hopes of preemptively “greenwashing” its production as popular opinion turns against use of fossil fuels.