Oil and Gas Climate Initiative holds workshop on the potential of Carbon Capture, Use and Storage in the Gulf Region
Dhahran, Saudi Arabia, November 5, 2018:
The Oil and Gas Climate Initiative (OGCI) is holding a high-level workshop, hosted by Saudi Aramco, to explore the role carbon capture, use and storage (CCUS) can play in Gulf Cooperation Council countries. The aim is to discuss how governments and industry can deploy CCUS to create clean and sustainable industries by capturing carbon dioxide from oil and gas production and use.
CCUS encompasses technologies that prevent carbon dioxide emissions from reaching the atmosphere by capturing, transporting, and permanently storing underground or converting emissions into useful products.
There is a growing recognition that CCUS is a potentially cost-effective and readily available way to decarbonize industries, such as petrochemicals, cement, steel, and power generation. It can also facilitate the widespread use of low-carbon hydrogen as an alternative to other fuels.
Today, only 30 million tonnes of carbon dioxide are captured and stored or used each year. According to the International Energy Agency, in order to reach the well below 2°C goal, the world needs to capture, store or use ~850 million tonnes of carbon dioxide annually by 2030. That corresponds to a 25-fold increase in global CCUS capacity.
OGCI aspires to play a significant role in the emergence of a commercially viable CCUS industry at sufficient scale to have an impact on climate change. OGCI, through OGCI Climate Investments, has established a $1+ billion fund to accelerate the development and deployment of innovative low emission technologies half of which is allocated to CCUS. OGCI also engages with governments, other industries and financial institutions to develop solutions that are safe, deliverable and economically viable.
Oil and gas companies in the GCC are among the world leaders in large-scale CCUS projects. The workshop is exploring what would be needed in terms of policy initiatives and investments to scale up this activity significantly to achieve both economic diversification and global climate goals.
ABOUT THE OIL AND GAS CLIMATE INITIATIVE:
The Oil and Gas Climate Initiative is a voluntary CEO-led initiative made up of 13 oil and gas companies. It aims to increase the ambition, speed and scale of the initiatives undertaken as individual companies to help reduce manmade greenhouse gas emissions, in particular from the production and use of oil and gas in power, heating, industry and transport. Its billion-dollar investment arm, OGCI Climate Investments, supports the development, deployment and scale-up of low emissions technology and business models. Launched in 2014, OGCI’s members are BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental Petroleum, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total
To learn more about OGCI, please visit www.oilandgasclimateinitiative.com.
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