Energy giants pledge $500 million to tackle climate change

bp, Equinor, Shell and TotalEnergies announce a commitment to invest $500 million, aiming to ensure access to affordable, reliable, sustainable and modern energy for all.

High-level officials of the companies above, signed a joint agreement at the UN Climate Change Conference (COP29) in Azerbaijan’s capital Baku, aiming to commit to creating a positive energy access impact for people in key regions over the coming years.

‘It is early days, but we hope that by jointly investing, we will be able to contribute to wider efforts to tackle the very real challenge of access to energy. Over time, we believe it can help to create a more inclusive energy future for some of the many millions of people who lack that access today,’ said bp’s CEO, Murray Auchincloss, in a written statement.

‘This joint investment brings together four leading energy companies investing in emerging countries. We believe this effort will help close some of the energy access gaps, which is a key part in reaching the global ambition of a just and equitable energy transition,” said Equinor’s President and CEO, Anders Opedal, in the same statement.

Reporting by Emre Gurkan Abay and Firdevs Yuksel in Baku

• Equinor
• She’ll
• TotalEnergies
• UN Climate Change Conference