Oil majors to announce major renewable energy investment fund on Friday

In the UK, BP, Eni, Repsol, Saudi Aramco, Royal Dutch Shell, Statoil and Total are set to announce details of a joint investment vehicle on Friday that will support renewable energy as the next step in Oil and Gas Climate Initiative set up in 2014 as a way for the sector to combat climate change. The fund will be focused on developing technologies to reduce vehicle emissions but the structure and size of the fund have yet to be released.