OPEC nations create clean tech fund

Members of OPEC announced today that they will contribute $750 million to a fund to study clean energy and technologies, according to Cleantech.com

The fund will put a particular emphasis on carbon capture and storage.

Saudi Arabia coughed up $300 million for the fund while Kuwait, Qatar, and the United Arab Emirates each pledged $150 million. Abu Dhabi, a member of the United Arab Emirates, already participates in a clean technology venture fund.

In a statement, OPEC (according to Cleantech.com) said it would "stress the importance of cleaner and more efficient petroleum technologies for the protection of the local, regional and global environment, and the importance of expediting the development of technologies that address climate change, such as carbon capture and storage."