Analysts criticise fund – which focuses on cutting the impact of fossil fuels but will not support renewable energy - calling it a ‘drop in the ocean’ A $1bn fund for cutting the climate change impact of oil and gas has been announced by 10 of the world’s biggest oil companies, aimed at keeping the firms in trade and cutting the burning of coal. Global action to cut carbon emissions threaten the future of the oil industry and the fund was revealed on the day the global Paris climate change agreement came into force. But analysts called the sum a “drop in the ocean” which showed the companies were not serious in tackling global warming.
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Source: theguardian.com