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Illustration: Rebecca Zisser/Axios

Some of America’s most powerful U.S.-based oil companies — ExxonMobil, Chevron and Occidental Petroleum — are joining a global consortium of oil and gas producers seeking to address climate change, Axios has learned.

Why it matters: The companies are the first U.S.-based members of the group, called the Oil and Gas Climate Initiative. This is one of the strongest signs yet of how America’s biggest oil companies, under pressure from investors and lawsuits, are joining most other U.S. corporations in working to reduce greenhouse gas emissions despite President Trump reversing America’s course on the matter.

Driving the news: CEOs of most of the group’s 13 member companies, including Saudi Aramco, Shell, BP and Occidental, are scheduled to speak at an event Monday in New York City hosted by the group and facilitated by Columbia University’s Center on Global Energy Policy, led by former Obama officials.

“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change.”
— Exxon CEO Darren Woods, according to a draft release viewed by Axios

By the numbers: The group’s companies represent 30% of the world’s oil and gas production, and 20% of the planet’s primary energy consumption. Their clout is now truly global, with the addition of American companies, which had been a notable omission since the group’s founding four years ago. Government-owned oil companies other than Aramco are also members, including China’s CNPC and Mexico’s Pemex.

What they're saying: Spokespeople for companies involved declined to comment, as did Columbia University. CEOs of Exxon and Chevron likely can’t make Monday's event due to prior obligations, along with CEOs of one or two foreign-based companies, people familiar with the planning say.

The group’s purpose is twofold:

  1. Work toward cleaner operations, particularly in the area of emissions of methane, a potent greenhouse gas that’s the primary component of natural gas. These efforts are continuing and growing despite Trump repealing methane regulations.
  2. Investment in new technologies, for which members contribute to a $1 billion investment fund. The primary goal is to commercialize technologies that capture carbon dioxide, but also include ones like reducing methane emissions, lowering transportation sector pollution and improving energy efficiency. The new member companies will contribute $100 million to the fund, according to a press release issued after publication of this story.

The other side: Environmentalists and others skeptical of the industry say commitments by oil companies to address climate change ring largely hollow absent more aggressive action urging governments to price carbon emissions. The group’s mission is expressly not geared toward influencing any government policy.

Between the lines: CEOs of several major, publicly traded oil companies say they support carbon taxes and back a separate group writing a proposal for one. But the companies are not actively lobbying Congress to embrace the policy. That disconnect will grow harder to reconcile as their public commitments to address climate change, such as through groups like this, grow.

Go deeper: Big Oil teeters between enemy and ally in climate fight

Editor's note: This piece has been updated with new information on monetary contributions.

Go deeper

3 hours ago - Health

FDA advisory panel recommends Pfizer boosters for those 65 and older

A healthcare worker prepares a dose of the Pfizer-BioNTech Covid-19 vaccine at the Key Biscayne Community Center on Aug. 24, 2021. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

A key Food and Drug Administration advisory panel on Friday overwhelmingly voted against recommending Pfizer vaccine booster shots for younger Americans, but unanimously recommended approving the third shots for individuals 65 and older, as well as those at high-risk of severe COVID-19.

Why it matters: While the votes are non-binding, and the FDA must still make a final decision, Friday's move pours cold water on the Biden administration's plan to begin administering boosters to most individuals who received the Pfizer vaccine later this month.

3 hours ago - World

France recalls ambassadors from U.S. and Australia over submarine deal

Secretary of State Antony Blinken (L), French Foreign Minister Jean-Yves Le Drian (C), and French ambassador to the U.S. Philippe Etienne. Photo: Nicholas Kamm/AFP via Getty Images

France has taken the extraordinary step of recalling its ambassadors to the U.S. and Australia after both countries blindsided their French allies with a new military pact and submarine contract, the French Foreign Ministry announced on Friday.

The backstory: While sealing an agreement with the U.S. and U.K. to acquire nuclear submarines, Australia ripped up an existing $90 billion submarine deal with France. That led senior French officials to accuse the U.S. of a "stab in the back."

Updated 3 hours ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."

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