Firm Advising on $1 Billion Fund to Tackle Climate Change
07 Nov 2016
International law firm Simmons & Simmons is advising on a ten year $1 billion collaborative investment fund designed to tackle climate change on a global scale.
Last week, the Oil and Gas Climate Initiative (OGCI) announced an investment of $1 billion over the next ten years, to develop and accelerate the commercial deployment of innovative low emissions technologies.
In their joint statement, the heads of the ten oil and gas companies that comprise the OGCI said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”
Intellectual property partner Michael Gavey, commented, “The firm has a strong track record of supporting high profile international multi-party collaborations in both the energy and life sciences sectors. In this instance, with advances in technology seen as critical to developing climate change solutions, we are pleased to offer our combined funds, corporate governance, intellectual property, competition, tax and regulatory expertise to provide a complete solution.”
The cross practice Simmons & Simmons team is being led by partner Michael Gavey supported by Charles Mayo (corporate), Matthew Pitman (funds), Tony Woodgate (competition), Martin Shah (tax) and others around the firm.
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3. The Oil and Gas Climate Initiative is designed to catalyze practical action to reduce greenhouse gas emissions. Led by the heads of ten oil and gas companies that aim to lead the industry response to climate change, OGCI member companies - BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total - together represent one fifth of the world’s oil and gas production. The OGCI was established following discussions during the 2014 World Economic Forum Annual Meeting, and was officially launched at the UN Secretary General’s Climate Summit in New York in September 2014. To learn more about OGCI, visit oilandgasclimateinitiative.com.
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