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An oil refinery in Texas. Photo: David Goldman / AP

A group of global oil and gas companies is announcing a trio of investments in low-carbon technologies at a meeting today in London.

Why it matters: Friday's announcement marks some of the more concrete ways oil and natural gas companies are investing in technologies that could accelerate the transition away from traditional oil, natural gas and coal production.

Behind the push: The group making the announcement is the Oil & Gas Climate Initiative, a group launched in 2014 of about 10 global oil and gas companies, including Saudi Aramco, Saudi Arabia's state-owned company, BP and Royal Dutch Shell. No U.S.-based companies are in the group.

Gritty details: According to a press release by the group, the three investments the group made are in...

  1. A U.S.-based company called Solidia Technologies that has a patented technology that produces cement in a way that generates fewer emissions.
  2. Achates Power, another U.S.-based firm that is developing more efficient vehicle engines. According to a company press release, the group has invested about $30 million into the firm.
  3. An unnamed project that aims to design a natural-gas power plant equipped with technology that captures and stores carbon instead of emitting it.

Yes, but: The investment announcements, according to materials viewed by Axios Thursday night, did not include specific dollar amounts. Last November, the group launched a "billion-dollar investment vehicle," indicating these individual investments are well below that number, which is itself not a big number in the grand scheme of oil-industry investments.

Be smart: Many of the lower-carbon investments made by oil and gas companies are real, let's be clear, but they're also a drop in the bucket compared to the investments made in their traditional fossil-fuel products.

For the record:

Requests for additional information and comment from oil companies involved and leading the effort, including BP and Italy-based Eni, were not returned Thursday.

Go deeper

The startup that wants to disrupt big internet providers

Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.

1 hour ago - World

Top general: China's hypersonic missile test "very close" to a "Sputnik moment"

Gen. Mark Milley. Photo: Rod Lamkey-Pool/Getty Images

Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, warned Wednesday that China's test of a hypersonic missile is "very concerning" and "very close" to the kind of "Sputnik moment" that triggered the Space Race during the Cold War.

Why it matters: The comments by America's top uniformed general underscore the depths of U.S. concerns about China's rapid military expansion and development of advanced weaponry.

Climate reckoning for oil and gas CEOs

Illustration: Aïda Amer/Axios

Top executives from ExxonMobil, BP, Chevron and Shell will face a reckoning on Capitol Hill Thursday, as they're grilled on evidence that their companies knew for years that their products were driving climate change but chose to downplay or deny it.

Why it matters: The hearing before the House Oversight Committee will be the first time these executives have been brought together to provide sworn testimony regarding what they knew about the ties between their company's products and climate change, and when they knew it.