The Oil and Gas Climate Initiative (OGCI) has announced a number of initiatives to facilitate carbon capture, use and storage (CCUS) and reduce greenhouse gas emissions ahead of its annual stakeholder dialogue event in New York.
The OGCI’s Kickstarter initiative is intended to unlock large-scale investment in CCUS and create the necessary conditions for a commercially-viable, environmentally-responsible and safe CCUS industry.
The OGCI has set the goal of doubling the amount of CO2 that is currently stored globally before 2030, which it aims to achieve through decarbonising a number of industrial hubs around the world.
In a joint statement, the heads of the OGCI member companies said: “We are scaling up the speed, scale, and impact of our actions in support of the Paris Agreement. Accelerating the energy transition requires sustainable, large-scale actions, different pathways and innovative technological solutions to keep global warming well below 2°C.
“We are committed to enhancing our efforts as a constructive partner with governments, civil society, business and other stakeholders working together to transition to a net-zero economy.”
The OGCI also announced a carbon intensity target for 2025 following the progress made towards its methane intensity target, aiming to reduce the collective average carbon intensity of its member companies’ aggregated upstream oil and gas operations by 2025.
The OGCI outlined its first methane reduction objective in September 2018 and announced on 23 September 2019 that its members had reduced their collective methane intensity by 9%, and were on track to reduce emissions levels by a third and average methane intensity by at least 20% by 2025.
The initiative’s member companies have also pledged to support policies that attribute an implicit or explicit value to carbon.
The OGCI said: “Acknowledging the role that attributing a value to carbon plays as one of the most cost-efficient ways to achieve the low carbon transition as early as possible, OGCI supports the introduction of appropriate policies or carbon value mechanisms by governments.”
The OGCI’s $1bn-plus Climate Investments fund has nearly doubled the number of investments in clean technologies over 2018, with a total of 15 investments in its portfolio. The fund supports the development and scale-up of the companies it invests in and searches for additional opportunities within their focus areas.
OGCI is an international, voluntary CEO-led initiative taking practical actions on climate change.