In May 2019, Shell announced that its Quest facility in Alberta, Canada, had captured and safely stored 4 million tonnes of carbon dioxide.
Natural climate solutions strengthen the capacity of oceans, forests, grasslands, peat, mangroves and soil to act as natural sinks for carbon dioxide. They have the potential to deliver a third of the carbon dioxide mitigation needed by 2030 to align with the goals of the Paris Agreement, and are cost-effective, allowing for a faster and less costly net zero transition for society. Done properly natural climate solutions can help improve biodiversity, water regulation and the resilience of communities to climate change.
What OGCI is doing
OGCI is actively exploring ways to catalyze natural climate solutions responsibly and on a scale that will have a meaningful impact on climate change, acting in parallel with and to complement member companies’ own activities.
We are exploring ways to support the development and transfer of knowledge and technology, and how to apply best practices in our industry. We are also looking at the role of well-established carbon markets to scale up the deployment of natural climate solutions, how to introduce measurable national targets and how to ensure reporting clarity and avoid double counting.
OGCI is a member of the Natural Climate Solutions Alliance and supports the NCSA draft guiding principle.
Natural climate solutions to be pursued by the energy sector only as an increased ambition.
OGCI member companies prioritize avoiding, minimizing and reducing emissions before balancing remaining emissions.
Natural climate solutions must embrace high quality practices.
OGCI member companies promote high environmental and social integrity through their natural climate solutions projects.
OGCI is working with IPIECA to develop guidelines for our industry aiming to protect, enhance and restore environments and ecosystems, especially those of high-carbon value, related to their operational sites.
OGCI member companies seek to deliver environmental, biodiversity and social benefits in addition to carbon mitigation in their natural climate solutions projects, in line with UN Sustainable Development Goals.
What OGCI member companies are doing to strengthen natural climate solutions
OGCI Climate Investments invests in technologies and projects that capture store or use carbon dioxide in industrial processes and power generation.