Energy firms announce $1bn climate fund

The Paris Climate agreements come into force today, and the bosses of seven big oil companies gathered in London to sign an agreement to work together to cut emissions.

The group – including BP, Norway’s Statoil, and the Saudi oil company Aramco – accounts for a fifth of world oil supply, and they will create a $1bn fund to boost their climate change efforts.

They will research renewable energy, share technology between member companies and reduce leakages of methane from oil and gas plants – a big cause of global warming.

Three of their chief executives – Bob Dudley of BP, Patrick Pouyanne of Statoil and Eldar Saetre of Statoil – met with the BBC’s business editor Simon Jack after the signing ceremony to discuss their plans.

He began by asking them why they were signing their agreement today.

Energy firms announce $1bn climate fund