OGCI announces investment of $1 billion for low emissions technologies
Oil and Gas Climate Initiative (OGCI) on Friday announced $1 billion investment over one decade aimed at improving on going development and deployment of new age low emissions technologies in London.
OGCI Climate Investments will fund new projects and initiatives all over the world that could mitigate the impact of carbon emissions.
OGCI said, the initial thrust will be on deploying carbon capture, its use and storage on a wide scale; enhancing the role of gas by reducing methane emissions along the value chain; and improving energy efficiency in both transport and industry.
OGCI Climate Investments (OGCI CI) is trying to bring new technologies among member companies and beyond. It will also identify ways to cut the energy intensity of both transport and industry. It has been working with like-minded initiatives across all stakeholder groups and sectors. OGCI CI’s mission is to reduce emission impact across industries.
In a joint press statement, the heads of the 10 oil and gas companies that constitute OGCI said: “The creation of OGCI Climate Investments shows our collective determination to deliver technology on a large-scale that will create a step change to help tackle the climate challenge. We are personally committed to ensuring that by working with others our companies play a key role in reducing the emissions of greenhouse gases, while still providing the energy the world needs.”
This huge investment is one of the first-of-its kind oil and gas industry collaboration and resource-sharing in this space. This additional investment will add up to the companies’ already existing hi-tech low emissions technology.
OGCI aims to identify two initial focus areas: accelerating the deployment of carbon capture, use and storage; and reducing methane emissions from the global oil and gas industry in order to maximize the climate benefits of natural gas. The OGCI believes that these are areas where the oil and gas industry has meaningful influence and where its collaborative work can have the greatest impact.
Besides, OGCI CI also plans to make investments that support improving energy and operational efficiencies in energy-intensive industries. OGCI CI will also work closely with manufacturers to increase energy efficiency in all modes of transportation.
A CEO and management team for OGCI Climate Investments will be announced in the near future. The closing of OGCI Climate Investments is subject to customary conditions including regulatory clearances as required.
Heads of ten major oil and gas companies are the OGCI member companies – BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Saudi Aramco, Shell, Statoil and Total – together represent one fifth of the world’s oil and gas production.