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Oil bosses back climate change target

The bosses of 10 oil and gas companies have backed a climate change bid
The bosses of 10 oil and gas companies have backed a climate change bid

The chief executives of 10 of the world’s largest oil and gas companies have declared their support for an effective climate change agreement to be reached.

The United Nations (UN) Conference of Parties to the UN Frameworks on Climate Change (COP21) will take place in Paris in December.

The bosses of the companies which make up the Oil and Gas Climate Initiative (OGCI) confirmed they recognised the general ambition to limit global average temperature rise to two degrees and
that the existing trend of the world’s net global greenhouse gas (GHG) is not consistent with this ambition.

In their declaration the 10 CEOs said: “Our shared ambition is for a 2°C future. It is a challenge for the whole of society. We are committed to playing our part.

“Over the coming years we will collectively strengthen our actions and investments to contribute to reducing the GHG intensity of the global energy mix.

“Our companies will collaborate in a number of areas, with the aim of going beyond the sum of our individual efforts.”

The OGCI was established following discussions held during the January 2014 World Economic Forum Annual Meeting and was officially launched at the September 2014 UN Climate Summit.

The group is made up of BP, BG Group, Eni, Pemex, Reliance Industries, Repsol, Shell, Saudi Aramco, Statoil and Total.

The OGCI has also today launched its collaborative report – ‘More energy, lower emissions’ – highlighting practical actions taken by member companies to improve GHG emissions management and
work towards improving climate change impacts in the longer term.

The actions include significant investments in natural gas, carbon capture and storage, and renewable energy, as well as low-GHG research and development.

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