We, the leaders of the ten major oil and gas companies, are committed to the direction set out by the Paris Agreement on climate change. We support its agenda for global action and the need for urgency. Through our collaboration in Oil and Gas Climate Initiative (OGCI), we can be a catalyst for change in our industry and more widely.
OGCI aims to increase the ambition, speed and scale of the initiatives we undertake as individual companies to reduce the greenhouse gas footprint of our core oil and gas business – and to explore new businesses and technologies.
In October 2017, the OGCI held their 3rd annual conference in London. Watch the video below
Our multiplier effect
OGCI is keen to work with our partners, customers and policy makers, acting as a catalyst for wider investment. We aim to achieve this by collaborating with partners and by sharing knowledge and collective resources to accelerate the use of innovative solutions. OGCI Climate Investments will develop and accelerate the commercial deployment of innovative low emissions technologies. These have the potential to reduce greenhouse gas emissions on a significant scale during the next decade.
“Oil and gas industry leaders have a critical role to play in our efforts to take on climate change and limit the global temperature rise. We are counting on groups, such as OGCI, to support the needed shift in the way that we produce and consume energy.”
Erik Solheim, Executive Director, UN Environment
Areas of focus
OGCI focuses its initiatives on areas where we believe we can make the most impact on greenhouse gas emissions now and remove obstacle to the development, deployment and scale-up of technologies needed to achieve long-term climate goals.
We collaborate and invest with others to bring scale and greater speed to emission reductions to the oil and gas value chain.
We need to start investing heavily for carbon capture, utilization and storage (CCUS) to have a demonstrable impact on reducing carbon dioxide emissions in our industry and for those that use our products.
Transforming energy systems will be too slow and costly without CCUS, if the foundations are not built now – and reaching net zero emissions will be difficult. The oil and gas industry has the technical ability and motivation to help solve the obstacles to widespread deployment, in conjunction with supportive governments and satiety.
Carbon capture utilization and storage (CCUS) is an important part of decarbonizing global energy systems. It could account for 13% of the required reduction in greenhouse gas emissions by 2050 according to the International Energy Agency (IEA’s) 2°C scenario.
In reality, today’s CCUS projects remove just 30 million tonnes per year.
The Energy Transition Commission suggests that over 100 new CCUS plants are
needed per year from 2020 to 2040 to meet the Paris ambitions.
OGCI is therefore targeting the largest portion of OGCI Climate Investments’ funds to act as a catalyst for CCUS.
And we are also starting to engage with policy-makers, the public and other industries to both advance the technology and encourage its commercial deployment.
We need to more fully understand and reduce methane emissions across the natural gas supply chain.
Urgent short-term climate priority to ensure that the full climate benefits of gas can be real ised.
Natural gas can play a significant and immediate role in reducing fossil fuel emissions since it has half the carbon intensity of coal – but it can only play this role if we manage to accurately measure and then reduce methane emissions.
One of our big recent commitments was to provide financial and technical backing for the world’s first global methane study, under the auspices of United Nations Environment.
Separately, we are also working with Imperial College London on research that aims to provide a more accurate picture of green house gas emissions across the natural gas value chain.
We intend to develop and demonstrate technologies that can minimize the greenhouse gas footprint in transport.
We see our role as facilitating a step-change in efficient fuel engines, ensuring these opportunities are not lost as the focus turns to electrification.
More efficient engines and advanced fuel-engine combinations are already reducing GHG emissions created in the transport sector. As individual companies we are partnering with manufacturers to develop more efficient engines and fuels to bring to market.
As part of this effort, we have begun to screen innovative engine and vehicle technologies, filtering them for their ability to reduce energy use and greenhouse gas emissions at an affordable cost, while meeting required standards on other pollutants.
OGCI also aims to increase the ambition, speed and scale of the initiatives we undertake as individual companies to reduce the greenhouse gas footprint of our core oil and gas business – and to explore new business models and technologies.
We are on the lookout for opportunities collectively to develop and demonstrate technologies and systems for increasing industrial energy efficiency.
We have a unique opportunity to deploy technologies in our own respective operations – greatly amplifying the scale and impact of our initial investments.
Working together, and in our own operations, we are committed to helping eliminate routine flaring and invest in low emissions technologies.
Creating a low emissions economy is incredibly challenging. It will take multiple solutions and the cooperation of all sectors.
The commercialization and scale-up of new technologies takes time – especially for energy infrastructure where lead times are long.
OGCI in action
Commissioning the world’s first Global Study on Methane Emissions
OGCI is partnering with United Nations Environment and the Environmental Defense Fund to provide financial and technical backing a study to fill gaps in the identification and quantification measurement of global methane emissions.
This project has the potential to inform new policy and will help to identify new initiatives to reduce emissions.