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Exxon, Chevron Climate U-Turn Includes $300 Million for Research

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Three of the biggest U.S. oil companies pledged $300 million toward research into lowering climate-change pollution as they joined an industry group led by European rivals.

Exxon Mobil Corp., Chevron Corp. and Occidental Petroleum Corp. will join the Oil & Gas Climate Initiative and expand an existing $1 billion fund for carbon-reduction ventures, the group said on Sept. 20.

The move brings Big Oil’s biggest names into a united front as climate activists and investors ratchet up the pressure on fossil-fuel providers.

The OGCI was founded in 2014 by the heads of BP Plc, Royal Dutch Shell Plc, Saudi Aramco and seven others based in Europe and Asia, but major U.S. producers had refused to join.

This move puts them at odds with President Trump, who is trying to relax rules governing greenhouse-gas emissions and last year vowed to pull the country out of the landmark Paris climate agreement.

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“It is empowering to know, given my Alberta heritage, our technology can change the climate impacts of the Alberta oil sands regions and generate significant additional economic benefits.”

Brett Henkel

Co-Founder and Vice President Strategic Accounts & Government Affairs

Brett Henkel’s unabashed optimism tempered by his mechanical engineering background and gas separation experience combine to bring a rare perspective to his position on Svante’s executive team.

Transferring the company’s breakthrough CO2 capture technology to customers’ sites will rely heavily on Brett’s strengths for identifying and understanding the technical and business details and relating those details to partners’ teams, approving agencies, and stakeholders.

As co-founder, he was instrumental in creating the process and the hardware used to prove the technology’s effectiveness as well as mobilizing external support throughout the path to becoming a successful innovation. These experiences strengthened his knowledge of business development and program management priorities.

Prior to launching Svante, Mr. Henkel was the program manager for QuestAir Technologies’ compact hydrogen production system with its partner, ExxonMobil. He is credited with designing the world’s first solenoid-driven rapid pressure swing adsorption test station.

Brett received his Bachelor of Science in Physics, with distinction, and a Mechanical Engineering degree from the University of Victoria.

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