One fifth of world oil and gas production is in the hands of the 10 companies which have set up the OGCI, the Oil and Gas Climate Initiative, created to implement the undertakings given by the industry to combat the negative effects of climate change. The initiative’s mission and program have assimilated the aims of the United Nations Climate Conference held in Paris in December 2015 and developed targeted actions to achieve them. The OGCI has embraced these goals, resolving to pool resources and skills in order to speed up the process of reducing greenhouse gas emissions from the oil and gas industry, while at the same time continuing to fulfill the world’s energy needs. CEOs from OGCI’s member companies and the CEO of its investment arm, OGCI Climate Investments, will meet in London to share key outcomes of OGCI’s third year of work and to announce first low emissions investments
Guidelines of the Initiative
The cornerstones of the action taken to combat climate change developed by the OGCI can be summarized as follows:
Reducing methane emissions: improving the collection of data on methane and understanding the life cycle of natural gas in order to select and implement economically advantageous methane management technologies.
Speeding up implementation of Carbon Capture, Utilization and Storage (CCUS) systems: the OGCI aims to look for innovative solutions in areas that currently represent a barrier to large-scale CCUS implementation: high management costs, lack of precise regulatory support or a clear business model and uncertainty about global storage capacity.
Improving the operational efficiency of the energy industry: already active individually, the companies gathered in the OGCI have decided to work together to identify technologies that will allow significant improvements to be achieved in the industry’s energy efficiency, such as flame reduction, with a view to achieving savings both in terms of greenhouse gas emissions and costs.
Contributing to transport efficiency: the Initiative aims to work closely with all kinds of vehicle manufacturers to develop more efficient engines and more advanced engine fuel combinations that reduce the impact of greenhouse gases to a minimum.
A concrete step towards ensuring the welfare of the planet
In November 2016, the 10 companies announced the creation of OGCI Climate Investments, a joint investment plan worth one billion dollars to be allocated, for the next ten years, to developing innovative technologies which, once marketed, will significantly support greenhouse gas emission processes. At the same time, the OGCI expressed its willingness to develop new strategic partnerships with other parties, with whom to discuss an innovative and highly specialized proposal to limit climate change and contribute to developing and disseminating low emission technologies.