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Oil and Gas Climate Initiative to invest $1B over 10 years in low-emissions tech

The Oil and Gas Climate Initiative (OGCI) will invest $1 billion over the next ten years to develop and to accelerate the commercial deployment of innovative low-emissions technologies.

Led by the heads of ten oil and gas companies that aim to lead the industry response to climate change, OGCI member companies—BP, CNPC, Eni, Pemex, Reliance Industries, Repsol, Royal Dutch Shell, Saudi Aramco, Statoil and Total—together represent one fifth of the world’s oil and gas production. The OGCI was established following discussions during the 2014 World Economic Forum Annual Meeting, and was officially launched at the UN Secretary General’s Climate Summit in New York in September 2014.

OGCI Climate Investments (OGCI CI) will aim to deploy successfully-developed new technologies among member companies and beyond. 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.

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.

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.

Comments

Account Deleted

We need not spend a single dollar more on low emission tech. What is needed to stop 6 million humans from dying prematurely each year on this planet is zero emission tech not more low emission tech.

Low emission tech is just tech that make burning oil, coal and gas more economic so we end up burning a lot more of it and the absolute emission levels stay the same or increase with this so called low emission tech.

This is BS and the people who propose such development is guilty of indirect mass murder and for destroying the planet as a sustainable habitat for life of all forms.

The solution is to force the oil and gas industry to invest in sustainable energy like wind, solar and hydro and require all of their energy business to be sustainable by 2050. Make it a sustainable energy production mandate that requires energy companies to have 5% of sustainable energy production by 2017 and increase it to 100% by 2050. Non-compliance should be heavily fined so it cannot pay to be in non-compliance.

Brent Jatko

Oil companies are _finally_ facing up to global warming after denying it since at least the 1970s, if not before.

This brings to mind the old saying, "A day late and a dollar short."

gorr

Stop these costly inhuman regulations that are made just to jack up the price of energy. I have a small gasoline car that do not pollute at all and i need ultra cheap regular 87 octans gasoline, so stop these climate criminals that try to tax my gas. Also transform these free co2 into synthetic ethanol and start selling e85 at 75 cents a gallon.

Calgarygary

I view it as an attempt to buy their way into the conversation because at some point in the near future world leaders will gather at places like Davos and will make decisions on policy that will have a major impact on energy consumption and the old saying "if you are not part of the solution then you are part of the problem" might be applied.

HarveyD

I fully agree with Henrik.

It would be better for USA and the world to install networks of quick charging facilities and clean H2 stations to replace most of current gas/diesel stations in the next 15 years or so. Savings in (less) Oil wars, health care cost and productivity could cover ALL the cost of both networks.

Sunny places could transform solar energy directly to clean H2 up to 9 hours/day. Rainy/cloudy days would be covered with H2 storage.

With regards to above, better too late than never but fossil/bio fuel burning is out! Where are the American majors?

mahonj

It is still worth working on oil and gas as they aren't going away any time soon. Especially dealing with methane leaks.

dursun

LOL

Lad

Henrik:
Well said and Amen!

We need a Congress with guts enough to stop the subsides to fossil fuel companies. That includes the Republicans.

Paroway

No, stop working on oil and gas, and they WILL go away sometime soon. We have technologies to replace them. Watch how fast they get commercialized when there's a market.

ai_vin

If I wasn't so outraged at the self-serving B.S. the fossil fuel industry has been feeding us all these years I'd be ROTFLMAO. Do they really think we'll buy this?

DaveD

My GOD, this is offensive. We have an old Southern saying: Don't p*ss down my back and tell me it's a warm summer rain.

These disgusting bastards are trying to peddle this as "progress". I hope they are totally left behind when we make the switch to solar and wind and that 20 years from now they're struggling just to consolidate the 3-4 of these morons that are left.

Alain

They should rather invest in negative emission tech. That's the only way forward.
They have a lot of the technology almost available.
Turning biomass into complex (=high value) chemicals and CO2 and sequester the CO2. Or many other carbon-negative ventures.
This will probably become big business once we realise the tipping point has been crossed and the "war on climate change" becomes a global national security issue with corresponding budgets.

Maybe that's the purpose they are already pursuing, but first they have to make sure we cross the tipping point in order to safeguard their new business.

SJC

They could do like Audi, take wind power with sequestered CO2 to make synthetic fuels. Sell them to new Ford owners at a discount.

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