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United States

Corporate giants back American research into global climate and energy

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Four corporations have vowed to give up to $225 million over the next ten years to fund the Global Climate and Energy Project (G-CEP) at Stanford University in Palo Alto, California. The initiative combines the deep pocket funds of ExxonMobil, General Electric, Schlumberger and German energy services provider E.on with the academic world to research how to increase the world's energy supply to meet growing demands without increasing global warming. Stanford will manage the independent research group, drawing on the world's experts in the field in both the private and public sectors. Resulting technologies or patents will belong to the university, according to Stanford. G-CEP has set its sights on the usual array of renewables -- solar, wind, geothermal, biomass and hydrogen technologies -- but also on its list are advanced transportation systems, nuclear power and clean coal technologies. GE and E.on, an owner of nuclear and conventional power plants, will invest up to $50 million each, while Schlumberger, specialising in oil field technology services, has pledged up to $25 million. Ironically, ExxonMobil, the largest contributor with up to $100 million, also intends to invest as much as $100 billion in global oil and gas exploration over the same period.

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