The Oil and Gas Climate Initiative (OGCI), comprising 10 of the largest energy companies in the world, has announced an investment of $1bn over the next ten years, to develop and accelerate the commercial deployment of innovative low emissions technologies.
OGCI Climate Investments (OGCI CI) will aim to deploy successfully-developed new technologies among member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry. Working in partnership with like-minded initiatives across all stakeholder groups and sectors, the OGCI CI says it believes its emission reduction impact can be multiplied across industries.
In a joint statement, the heads of the 10 oil and gas companies that comprise the OGCI said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”
Through discussions with stakeholders and detailed technical work, the OGCI has identified two initial focus areas: accelerating the deployment of carbon capture, use and storage; and reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas.
Beyond this, OGCI CI will make investments that support improving energy and operational efficiencies in energy-intensive industries. OGCI CI will also work closely with manufacturers to increase energy efficiency in all modes of transportation.
Members of the OGCI include Saudi Aramco, BP, Shell, CNPC, Statoil and Pemex.