NEW DELHI: Oil companies have traditionally favoured baking the earth for profits. But now, Reliance Industries Ltd, India’s largest private oil company, has joined nine other global peers in a charm offensive to stay relevant as clamour for renewable energy grows. At a time when the oil producers’ fraternity is divided over the fall in crude prices, chief executives of 10 global oil companies gathered in Paris on Friday in a rare show of unity to call for an effective agreement at the UN climate change summit next month.
Reliance chairman Mukesh Ambani missed the green carpet event organized by Oil and Gas Climate Initiative, a CEO-led forum, due to the market-moving company’s board meeting for declaring quarterly results. But, he has signed the joint declaration committing measures by the oil industry to mitigate climate change.
Neither of India’s staterun flagship oil companies, explorer ONGC and refinerretailer IndianOil, have signed up for the initiative. In contrast, national oil companies of Saudi Arabia (Saudi Aramco), Mexico (Pemex), Spain (Repsol) and Norway (Statoil) have signed up.