The Oil and Gas Climate Initiative (OGCI) today unveiled a series of initiatives aimed at reducing greenhouse gas emissions (GHGs).
The KickStarter initiative is designed to unlock large-scale investment in carbon capture, use and storage (CCUS).
The organisation wants to double the amount of carbon dioxide that is currently stored globally before 2030, with a focus on decarbonising large industrial areas, starting in the US, UK, Norway, the Netherlands, and China.
OGCI said its members were on track to meet their methane intensity target, and the group is now working on a carbon intensity target, achievable by 2025.
Member companies have also pledged to support policies that attribute an explicit or implicit value to carbon.
OGCI is made up of 13 oil and gas companies: BP, Chevron, CNPC, Eni, Equinor, ExxonMobil, Occidental, Pemex, Petrobras, Repsol, Saudi Aramco, Shell and Total.
OGCI Climate Investments, the group’s $1 billion-plus fund, has nearly doubled the number of investments in promising clean technologies over the year.
The fund now has a total of 15 investments in its portfolio.
In a joint statement, the heads of the OGCI member companies said: “We are scaling up the speed, scale, and impact of our actions in support of the Paris Agreement.
“Accelerating the energy transition requires sustainable, large-scale actions, different pathways and innovative technological solutions to keep global warming well below 2 degrees Celsius.
“We are committed to enhancing our efforts as a constructive partner with governments, civil society, business and other stakeholders working together to transition to a net zero economy.”
“The progress towards our methane intensity target makes us confident that the actions we are taking deliver results. We are on track to reach our methane intensity target of 0.25% by 2025.
“Encouraged by our experience of working together on reducing methane emissions, we are now working on a target to reduce by 2025 the collective average carbon intensity of our aggregated upstream oil and gas emissions.”