The big oil investing on the development of green technologies

The big oil investing on the development of green technologies

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OGCI announces $1 billion investment to accelerate development and deployment of innovative low emissions technologies
Thef #Oil&Gas Majors will invest over the next decade $1 billion to accelerate the development and deployment of #low emission technology

The majors of Oil and Gas will invest over the next decade one billion dollars to accelerate the development and deployment of low emission technologies. The announcement came today from the Oil and Gas Climate Initiative (OGCI), who created the OGCI Climate Investments (OGCI CI) with the purpose of disseminating, within OGCI and beyond, new technologies developed successfully. It will also identify ways to cut the energy intensity of both transport and industry. Working in partnership with like-minded initiatives across all stakeholder groups and sectors, the OGCI CI believes its emission reduction impact can be multiplied across industries.

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."

In a joint statement, the heads of the 10 oil and gas companies that comprise the 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 investment represents an unprecedented level of oil and gas industry collaboration and resource-sharing in this space. This new, additional investment will complement the companies’ existing low emissions technology programs and will draw on the collective expertise and resources of the member companies. Through discussions with stakeholders and detailed technical work, the OGCI has identified 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.

The OGCI has identified 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

Beyond this, OGCI CI will 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.