Oil and gas producer China National Petroleum Corporation (CNPC) has launched a China-focused fund with Oil and Gas Climate Initiative (OGCI), an initiative led by CEOs of 10 global oil and gas companies.
The vehicle has so far secured $100m in capital following anchor commitments from CNPC Assets Management and Climate Investments, a fund managed and owned by OGCI.
The fund will focus on companies and technologies with the potential to reduce greenhouse gases and lower the carbon footprint of the energy and industrial sectors.
OGCI Climate Investments has made investments in Clarke Valve, GHGSat, Kairos Aerospace, Inventys and Econic so far this year.
Pratima Rangarajan, CEO of OGCI Climate Investments, said: “We are delighted to be working alongside a trusted OGCI partner to lower the carbon footprint in a region with growing energy demand.”