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Exxon, Chevron Climate U-Turn Includes $300 Million for Research

  • Initiative funds projects aimed at reducing carbon emissions
  • The U.S. oil majors had previously refused to join the venture
Chevron
Photographer: Luke Sharrett/Bloomberg
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Three of the biggest U.S. oil companies pledged $300 million toward research into lowering climate-change pollution as they joined an industry group led by European rivals.

Exxon Mobil Corp., Chevron Corp. and Occidental Petroleum Corp. will join the Oil & Gas Climate Initiative and expand an existing $1 billion fund for carbon-reduction ventures, the group said in a statement Thursday. The move brings Big Oil’s biggest names into a united front as climate activists and investors ratchet up the pressure on fossil-fuel providers.