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Rosneft to invest $5 billion in environmentally-friendly projects

GO NET ZERO ENERGY

Rosneft to invest $5 billion in environmentally-friendly projects

The largest Russian oil producer, state-controlled Rosneft will invest $5 billion in environmentally-friendly projects within the next half-decade, Oilprice.com reports.

The company will invest in projects to curb carbon dioxide emissions and for better utilization of associated petroleum gas. Rosneft will also look to reduce its greenhouse gas emissions by 8 million tons through 2022.

The commitment to invest in reducing carbon emissions came after UK-based BP announced plans to become a net-zero company by 2050 or sooner. The firm holds nearly 20% in the Russian oil giant.

Last week, BP said that it aims to become a net-zero company by 2050 or sooner in the latest pledge for net-zero carbon emissions by an oil major. BP will also target to halve the carbon intensity of the products it sells by 2050 or sooner, joining other majors such as Shell and Equinor, which also aim to reduce the carbon footprint of the energy products they sell.

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