Saudi Aramco Pledges To Join Climate Fight, Cut GHGs - Reuters

Oh, I'm sorry, they're going to "fund some research". Never mind.

DHAHRAN, Saudi Arabia - Saudi Arabia, the world's biggest oil exporter, signalled on Monday it would help the fight against global warming through research on cutting carbon dioxide emissions in the oil and gas industry. Experts at a first regional conference on technologies to limit greenhouse gases blamed for global warming said winning over Saudi state oil giant Aramco would be a major step forward in convincing governments and industry of their cause.

Negotiators from 163 nations are meeting in Germany this week for talks on extending the UN's Kyoto Protocol on measures to ward off disastrous climate changes such as more heat waves, droughts, floods and rising sea levels.

"I believe the petroleum industry should actively engage in policy debate on climate change as well as play an active role in developing and implementing carbon management technologies to meet future challenges," Saudi Aramco president and CEO, Abdallah Jumah, told the meeting. "National oil companies -- like Saudi Aramco -- can make meaningful contributions to those efforts," he said.

The oil industry accounts for up to 40 percent of carbon dioxide increase in the atmosphere which scientists believe is the prime cause of global warming, Robert Socolow of Princeton University said on the sidelines of the meeting. Socolow, who has been at the forefront of research into separating and storing carbon dioxide in the energy industry, said carbon dioxide levels were set to double by 2055 to 14 billion tonnes emitted each year unless action was taken.

EDIT

http://www.planetark.org/dailynewsstory.cfm/newsid/36492/story.htm