On November 18, 2007, four Arab Gulf OPEC member states pledged U.S. $750 million to a new fund aimed at tackling climate change. The announcement came at the end of a two-day OPEC summit in Riyadh, Saudi Arabia.
Saudi Arabia is to invest U.S. $300 million, while Kuwait, Qatar and the UAE are to contribute U.S. $150 million each. The funds are to be used to support cleaner and more efficient petroleum technologies, particularly carbon capture and storage (CCS).
