La Oil and Gas Climate Initiative (OGCI) will invest $10 billion over the next XNUMX years to develop and accelerate commercial deployment of innovative low-carbon technologies. The announcement was made by a joint statement by the top management of the ten oil and gas energy companies that make up the initiative: in addition to the Italian Eni, BP, CNPC, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi Aramco, Statoil and Total.
The announcement, which was made by the ten groups meeting in London, comes on the same day as the COP21, the Paris Agreement on an action plan to tackle the climate emergency.
The OGCI's Climate Investments will aim to disseminate new and successfully developed technologies. One of the objectives will also be to identify different ways to reduce energy intensity in the transport and industrial sectors. By working in partnership with like-minded initiatives across different stakeholder groups and across different sectors, OGCI Climate Investments believes that its impact in terms of reducing emissions can be multiplied across different industrial applications.
According to the groups that are part of the initiative, “The creation of OGCI Climate Investments demonstrates our collective will to provide technological solutions at scale, creating a quantum leap that will help fight climate change. We are personally committed to ensuring that, by working together, our companies play a key role in reducing risks greenhouse gas emissions while still providing the energy the world needs.”
This investment represents an unprecedented level of collaboration and resource sharing in this field in the oil and gas industry and will complement individual companies' existing low-carbon technology programs and leverage the expertise and resources of member companies. .
There are two initial areas of focus for investment: accelerating the introduction of carbon capture, utilization and storage; reduce methane emissions from the oil and gas industry in order to maximize the climate benefits of natural gas. In addition to this, OGCI Climate Investments will also make investments that support improvements in energy and operational efficiency in energy-intensive industries. The top management of OGCI Climate Investments will be announced shortly.
