Exxon, Chevron absent from Global Methane Reduction Fund

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on Dec 4, 2023
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  • Exxon says it is behind the goal of Global Methane Reduction Fund.
  • Chevron also did not join another recently announced Charter.
  • Shares of Exxon and Chevron are marginally in the red at writing.

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Exxon Mobil Corp (NYSE: XOM) and its peer Chevron Corporation (NYSE: CVX) have opted out of a fund aimed at helping state-owned energy companies in the developing countries to minimise methane emissions.

Other oil giants pledged millions to that initiative

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The said grant was unveiled at the COP28 – a climate change summit that’s currently ongoing in Dubai.

Oil giants including BP, Occidental Petroleum, Eni, Shell, Equinor, and TotalEnergies pledged $25 million each to the initiative. Another $105 million (approx.) came from the United States, Norway, Germany, and the United Arab Emirates combined.

Still, Exxon and Chevron Corporation were “reluctant to underwrite a fund seen as effectively providing cash donations to global competitors”, anonymous sources told Bloomberg on Monday.

Shares of both oil and gas behemoths are marginally in the red at the time of writing.

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Chevron also opted out of another recent Charter

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On Monday, Exxon did, however, confirm that it supports what the Global Methane Reduction Fund has set out to accomplish. In a statement emailed to Bloomberg, the Houston-headquartered firm said:

We are in negotiations to provide our technical skills, scale and years of methane reduction detection and mitigation experience to reduce emissions.

But Chevron Corporation has not officially commented on its decision to opt out of the said programme on Monday.

It also did not join the Oil and Gas Decarbonisation Charter that fifty of its global peers, including Exxon did this past Saturday. The news arrives more than a month after Chevron said its profit came in well below Street estimates in the third quarter.

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