Three US oil giants, namely Chevron, ExxonMobil and Occidental Petroleum, have joined a global alliance to fight the problem of climate change.

Launched in 2014, the Oil and Gas Climate Initiative (OCGI) aims to provide practical solutions to combat global warming and reduce greenhouse gas emissions.

Each of the three companies will commit $100m to the OGCI Climate Investments fund, which is armed with a total funding of more than $1bn.

The US oil giants’ entry increases the number of OCGI member companies to 13 from the existing ten and raises OGCI’s representation to around 30% of global oil and gas production.

The key focus areas of the coalition include carbon capture and storage, methane reductions, and energy efficiency.

Over the years, ExxonMobil downplayed the risks associated with climate change although reports emerged that the company was in full knowledge of these risks.

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By GlobalData
“It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change.”

As part of the OCGI project, ExxonMobil has now committed to invest in research and development of long-term solutions to reduce greenhouse gas emissions.

ExxonMobil chairman and CEO Darren Woods said: “It will take the collective efforts of many in the energy industry and society to develop scalable, affordable solutions that will be needed to address the risks of climate change.”

In May this year, ExxonMobil unveiled plans to reduce methane emissions by 15% and flaring by 25% by 2020.

Occidental Petroleum president and CEO Vicki Hollub said: “Industry innovation and collaboration have a critical role to play in addressing climate change, and Occidental is excited to join OGCI’s efforts to create a lower-emissions world.

“Occidental is advancing carbon dioxide enhanced oil recovery (CO2 EOR) as a form of carbon capture, utilisation and sequestration (CCUS).”

Other members in the global alliance include BP, CNPC, Eni, Equinor, Pemex, Petrobras, Repsol, Royal Dutch Shell, Saudi Aramco, and Total.