OGCI member Occidental announced a target to reach net zero emissions associated with its operations before 2040 and an ambition to achieve net zero emissions associated with the use of its products by 2050. Occidental is the first US oil major to announce a net zero ambition that includes Scope 3 emissions.
Equinor’s new President and CEO, Anders Opedal, has announced its ambition to become a net zero company by 2050 – including emissions from both production and final consumption.
OGCI’s performance data for 2019 shows a significant reduction in both methane and carbon intensity
The focus on energy efficiency is starting to sharpen, however, as a growing number of countries look to invest in infrastructure to help post-Covid recovery, while saving energy and tackling the climate challenge.
Following the announcement in February 2020 of its ambition to reach net zero by 2050 or sooner, bp has set out its strategy for the next decade.
This is a further step in support of the Paris Agreement by the companies leading the oil and gas industry response to climate change
OGCI member companies have set a short-term target to reduce the carbon intensity of their aggregated upstream oil and gas operations by 2025. This requires all member companies – including those with lower carbon intensity levels – to put initiatives in place now and over the next five years to reduce carbon dioxide and methane emissions in the short term.
Brazil’s Petrobras has released its second climate supplement, outlining its climate commitments and explicitly supporting the Task Force on Climate-Related Financial Disclosures (TCFD).
China’s largest oil and gas producer, CNPC, has announced a new target to reduce methane emission intensity by 50% between 2019 and 2025. The OGCI member company is aiming to move to the forefront of methane emissions management.
The unprecedented challenges the world is facing force us all to sharpen our focus on what really matters. Our immediate priority, as CEOs, is to do everything we can so that our people and communities are safe and capable of confronting the pandemic effectively. We will work to help the world recover from the economic shock of this crisis that has undoubtedly hit some more than others yet impacts us all.