Pipeline operator Kinder Morgan said on Friday it had formed a new Energy Transition Ventures group to focus on low-carbon energy initiatives, as oil and gas companies work to meet climate targets, as reported by Reuters.
The initiative comes as the energy industry responds to demands from investors to lower production of fuels that contribute to global warming and invest more in clean energy.
The COVID-19 pandemic has accelerated the transition to renewable fuels, interrupting a steady rise in fuel consumption that may have otherwise continued for several more years unabated.
The group will focus on business development activities, which may include services such as carbon capture, renewable natural gas capture and hydrogen production, Kinder Morgan said.
Reporting by Arundhati Sarkar in Bengaluru; Editing by Vinay Dwivedi and Amy Caren Daniel
